If your property suffered catastrophic damage from a hurricane, take advantage of provisions in Florida law that pertain to your property tax assessment and Federal tax deductions.
Sarasota, FL – If you suffered structural damage to your home caused by Hurricanes Debby, Helene, or Milton, report the damage immediately to your property tax appraiser prior to January 1 so appraisers can document the property’s condition. If repairs have not been completed by January 1, your market and capped values will be reduced for the new tax year (2025).
You may also qualify for a property tax refund due to hurricane damage of a residential property. Homestead exemption is NOT a requirement, and the property must have been uninhabitable for at least 30 days following the date of the event.
The Florida Dept of Revenue has published an informative guide to help inform homeowner’s who have suffered property damage. View the guide here.
The following links will offer additional information for reporting damage and applying for a tax refund:
Sarasota County: Property Damage Info Page
Manatee County: Property Damage Info Page
Tax Refund Application
Important Information Regarding the FEMA 50% Rule
Additionally, the tax code allows certain taxpayers affected by natural disasters to deduct part of their losses. IRS Publication 547, Casualties, Disasters, and Thefts, provides detailed guidance for those affected by federally declared disasters, which include Hurricanes Debby, Helene, and Milton. These deductions apply to personal-use property, income-producing property, and are not limited to individuals – S and C corporations and partnerships may also qualify. Consult the publication for full details.