According to the latest data and weather forecasts, NY is at the greatest financial risk from this year’s Atlantic Hurricane season. Smart property owners are getting ahead of it by challenging their property tax assessments and bills now.
The 2021 Hurricane Forecast
The 2021 Atlantic Hurricane Season is here. It began on June 1st, and runs through November 30th.
The NOAA has predicted a more active than usual hurricane season this year. As many as 20 storms are expected on the Atlantic coast. As many as 10 are expected to become hurricanes. With five that could become major hurricanes.
Odds are at least one or two of those are going to impact the northeast over the weeks and months ahead.
CoreLogic predicts that 32M homes are at risk from wind and flood damage this year. NYC faces the greatest financial threat, with $1.7T in potential property damage and rebuilding costs. That’s even greater than Florida or New Orleans.
The Hard Truth
From past storms we have learned some hard realities. Including the following:
Don’t Expect A Break On Your Bills: You won’t get a pass on your property taxes just because your home or business property was made unlivable by storm damage. In fact, taxes may go up to cover community expenses.
Don’t Expect Insurance Funds To Come Fast: It can take years to get insurance money. If it comes it will probably be a lot less than you anticipated. There is a good chance it won’t come at all. In the meantime you have to cover the cost of a second place to live.
Don’t Expect An Automatic Reduction In Your Tax Assessment: When your property value is reduced by a storm, then your tax assessment and annual property tax bill ought to go down too. But you have to fight for it, it is highly unlikely to just be offered to you.
What You Need To Do Now
It is vital to secure your finances now, in advance. Free up an emergency fund to get out of the way of storms, and have a plan for what you’ll do. Be sure that includes taking essential contact numbers with you. Including contact information for property tax adjusters and a claims attorney to fight on your behalf.
Challenge your property taxes now, in advance to preserve more of your cash, and again if you do suffer actual property damage.