Tax Break for Chinese Drywall

We've heard rumors that the Fed is going to step in and provide homeowners with some kind of tax break, bailout, handout or gimee for Chinese Drywall, but nothing yet. However, local taxing authorities are taking Chinese Drywall into consideration when they value your property. To qualify for an adjustment to your taxable value, you must contact your local Property Appraiser for the city or county you live in. Some are participating in this, and some are ignoring it.

I guess the next question becomes, how do you manage this once the repairs are made? So once again we are rushing into another quick-fix or bad-band aid for something that should be resting on the shoulders of the builders and manufacturers of the Chinese Drywall, as well as the insurance companies that insure these homes. Unfortunately, the class action attorneys will walk away with more than half of whatever the builders, manufacturers and insurers cough up . . . and that could take years.

For now, I suggest you check with your local taxing authority to see if you are entitled to a lower value for tax purposes. You don't have much time for the coming tax year, as most municipalities wrap things up late September or early October.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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