Flooding in Hampton Roads has become a growing issue. You may wonder what's the deal about flooding? Some areas of Hampton Roads, especially some areas in Norfolk and Virginia Beach have been severely affected by rising flood waters. The Windsor Woods section of Virginia Beach had major flooding during Hurricane Matthew, which caused millions of dollars in damage to many homes as well as displacement of families who couldn't return to their homes right away.
If you own a home this knowing about flood zones may be a concern for you. In addition, if you're shopping to buy a home, knowing if the house is in a flood zone could mean the difference of buying it or not. I’m not sure if you've heard of it, but Virginia Question 1, the Property Tax Exemption for Flood Abatement Amendment was approved in November of 2018.
Passing this law gives the state the ability for local governments to provide property tax exemptions who have made improvements such as renovation, rehabilitation, or replacement due to recurrent flooding. These home improvements to abate or mitigate flooding help make the property less resistant against flooding in specific areas. If you think you may qualify for this tax exemption contact your tax, legal or accounting adviser.
This issue is especially important if you are selling or will sell your house in the future. Buyers don’t want to pay for abatement or mitigation of homes subject to flooding. They may want to purchase a home in your area but don’t want to pay high flood insurance premiums.
By sellers being proactive, these issues can be addressed or a plan can be made to help your house be more financially attractive than your competitor’s home who hasn’t addressed these issues before putting their house on the market.
If you have a home or know someone who pays a lot in home insurance premiums due to being in a high-risk flood zone and want to learn how you may be able to abate or mitigate your property.
How can I find out if my property is in a flood zone?
The Federal Emergency Management Agency (FEMA) has a tool that anyone can use that makes it easy to check to see if your address is in a flood zone. Information on flood zones, floodways, and your property's risk level is available. This is important to create a plan to protect your home if you live in a flood zone and can help you know of the house you want to buy is in a flood zone.
Flooding may not be an issue for you, but it could be something else. You may need more room for your growing family, want to change neighborhoods, or need help with downsizing. What kind of challenges are you facing? Contact me and let's talk about it.
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I hope that you enjoyed this Do You Live in a Flood Zone post!