Flooding has become an increasingly prevalent concern in Hampton Roads, especially in areas like Norfolk and Virginia Beach. The impact of rising floodwaters has been severe, with sections such as Windsor Woods in Virginia Beach experiencing significant flooding during events like Hurricane Matthew. This not only led to substantial damage to numerous homes but also resulted in the displacement of families unable to return immediately.
Whether you currently own a home or are in the market to buy one, understanding flood zones is crucial. The knowledge of a property’s flood zone status can make a substantial difference, influencing your decision to either invest in a property or explore other options. In fact, Virginia residents voted in favor of Question 1, the Property Tax Exemption for Flood Abatement Amendment, in November 2018.
The approval of this amendment empowers local governments to offer property tax exemptions to those who have undertaken improvements such as renovation, rehabilitation, or replacement to address recurrent flooding issues. These enhancements aim to mitigate flooding risks in specific areas, making the properties more resilient against flood-related challenges. If you believe you qualify for this tax exemption, it is advisable to consult with your tax, legal, or accounting advisor for personalized guidance.
This concern becomes particularly relevant if you plan to sell your home in the future. Prospective buyers are often wary of acquiring properties requiring abatement or mitigation efforts against flooding. While they might be interested in purchasing a home in your area, the prospect of high flood insurance premiums can deter them. By taking a proactive approach, sellers can address these concerns and develop plans to enhance the financial appeal of their homes compared to competitors who haven’t addressed flood-related issues before listing their properties.
If you currently reside in a high-risk flood zone or know someone facing hefty home insurance premiums due to flood risks, understanding how to abate or mitigate these challenges becomes essential. The Federal Emergency Management Agency (FEMA) provides a user-friendly tool that allows anyone to check if their address falls within a flood zone. This tool provides crucial information on flood zones, floodways, and the risk level associated with your property. Such insights are instrumental in developing plans to safeguard your home if it resides in a flood-prone area and can guide you when considering the purchase of a new home.
While flooding may not be a concern for everyone, there are various reasons individuals may seek to change their living situation. Whether it’s accommodating a growing family, exploring new neighborhoods, or downsizing, addressing potential flood risks is just one aspect of making informed decisions about your home.