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n 2024, the US experienced 27 weather disaster events, including Hurricanes Helene and Milton, which caused over $1 billion in losses each. More recently, devastating wildfires have ravaged Southern California, while a historic snowstorm has brought potential losses of $15-17 billion to the Southern states.

    For homeowners, climate disasters can be catastrophic, leading to increased insurance premiums and property taxes. In areas prone to natural disasters like hurricanes or wildfires, insurance premiums often rise significantly. Property taxes can also be affected, with municipalities increasing tax rates to compensate for losses during rebuilding.

    Daniel Cabrera, founder of Fire Damage House Buyer, notes that natural disasters typically lead to property reassessments, temporarily lowering damaged properties' values and reducing homeowners' taxes. However, when a home is destroyed in a wildfire, the property's value remains unchanged unless the homeowner applies for reassessment.

    Homeowners in Los Angeles County can apply for property tax disaster relief if their loss estimate exceeds $10,000 of the current market value. This can result in a temporary reduction or refund of property taxes. Once rebuilt, the property's pre-damaged value will be restored.

    The laws regarding disaster relief vary by state. In New York, the Climate Change Property Tax Relief bill provides assessment relief to property owners within eligible municipalities. Despite climate risks, desirable areas like hurricane-prone Florida and wildfire-prone California continue to attract new residents due to lifestyle and economic opportunities.

    Climate change directly affects property values by increasing risk in flood zones, hurricane-prone areas, and wildfire-prone regions. In Florida, properties in FEMA-designated flood zones often see reduced market appeal unless they have mitigation features like elevated foundations. Buyers are also wary of rising insurance premiums, which can lead to slower appreciation rates for waterfront properties.

    Living in a disaster-prone area can affect property taxes through higher assessments due to the cost of municipal services, including emergency response and infrastructure maintenance. Homeowners can find their current property tax information on their statements or by visiting the county website. Property taxes are deductible on federal tax returns if itemized deductions do not exceed $10,000 for married couples filing jointly.