If you are among the many New Yorkers who have recently relocated to or bought homes or business property in Florida, can you get any tax breaks if yours suffered damage in Hurricane Ian?
Storms, Shelter & Financial Struggles
While the tragedy should never be minimized, storms like these are unfortunately extremely common.
Even here in NY many are still trying to recover from superstorm Sandy, 10 years ago.
In spite of how expensive it is, insurance never seems to pay out enough, or fast enough. It can take years to have a claim paid out. Even after paying huge deductibles, and hiring a lawyer and independent adjuster.
In the meantime the property can remain unlivable, and continue to degrade due to leaks, mold, and other hazards. All while property values in the area may be falling. Not to mention the potential for going months without utilities.
Even if you can afford it, and can find the help, the wisdom of rebuilding in the same place is often very questionable. It’s not a matter of whether it will happen again. Just, when, how often and how bad.
Meanwhile, if you own property in NY, your taxes are going up.
Finding Financial & Tax Help
One thing some may be able to do is to at least find some solace in turning this financial loss into a tax break. Which may help offset your income and property taxes in NY.
There are several potential ways to do this. Which will work for you, and how much, will depend on your individual situation. Talk to your accountant about these options.
You may just sell the property as it is. Even if it is a wreck. Use the loss to offset other gains and taxes.
Even if no one will buy it, then you may be able to donate the property, and take a tax write off.
When it comes to investment property, investing in rebuilding and leveraging cost segregation may help.
Appeal Your Property Taxes
Whether you have property in Florida, New York, or both, you can always challenge your annual property tax bill. Even if none of your properties have recently incurred storm damage.
If there has been damage in your area, then there is a good chance property values are headed down. Which means you should qualify for a reduced tax assessed value, and lower property tax bill.
Get help filing your appeal and save those much needed dollars each year.