No doubt yesterday was a big day in Virginia for voting. Lots of people were out and candidates were everywhere. There was something on the ballot that may affect you if you live in a flood zone. I’m not sure if you saw it. Virginia Question 1, the Property Tax Exemption for Flood Abatement Amendment, which was approved.
What’s the big deal? Check out this video about flooding in Windsor Woods that made the news in June of 2018.
Flooding is a still big problem in areas of Hampton Roads, especially some areas in Norfolk and Virginia Beach. The Windsor Woods section of Virginia Beach caused major flooding during Hurricane Matthew, which caused damage to many homes.
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 check out Michael Vernon, Founder and CEO of Flood Insurance Hampton Roads.
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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