Flood Damage: Virginia Property Tax Exemption for Flood Abatement Amendment
Something big happened on election day in Virginia! Question 1 passed. What was Question 1? It is the Property Tax Exemption for Flood Abatement Amendment. It was a vote supporting amending the state constitution to empower the state legislature to authorize local governments to provide a partial local property tax exemption for real estate subject to recurrent flooding that undertook improvements to prevent flooding or long-term flood damage.
What is the Property Tax Exemption for Flood Abatement Amendment?
In other words, Virginia cities, towns or counties are given the option to provide a partial local property tax exemption to property owners for improving property to prevent long-term flood damage from flooding.
Take advantage of the passage of this amendment by letting your clients know that when they take action to manage flooding and protect their property and how they will possible get a tax abatement. Encourage your clients to do the following:
- Find out if they are in a FEMA flood zone
- Find out if their town, village, or county is taking advantage of this flood damage tax abatement
- Find out if they qualify for the abatement
- Find out what are the steps (flood vents, raising house, etc.) they can take to receive the abatement
Learn more at the following:
This is a tremendous opportunity to help your customers with their flood damage concerns. This abatement can keep more money in your client's pockets, for example, by investing in crawl space flood vents, raising the height of their homes, etc. So let them know you can help them with that starting today!
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