Alan L.
Elite Member
About a year ago I posted about the recent FEMA maps putting most of my property and all of my improvements in the 100-year flood zone. Last month I received my new appraised value and they have upped the value of the land about 20%, probably on the basis that the land next door, with similar flood zone issues just sold. Difference is, it doesn't have improvements and they will be built outside the zone, whereas my improvements were not in the zone when built but now are.
I have done some internet research and my findings so far are that nobody wants to buy property in the flood zone, but appraisers (including tax appraisers) don't knock anything off for flood zone property. Kind of a double whammy.
Later this month I have a property tax protest hearing, but unless I can find something that says flood zone property is worth less than non-flood zone property I am afraid I am not going to get anywhere. Seems ridiculous, since I have to pay for flood insurance the property will always have the stigma of the flood hazard, which eliminates many potential buyers and when you eliminate potential buyers that has to affect values, you would think.
If anyone runs into any good articles I could use that would be very much appreciated.
I have done some internet research and my findings so far are that nobody wants to buy property in the flood zone, but appraisers (including tax appraisers) don't knock anything off for flood zone property. Kind of a double whammy.
Later this month I have a property tax protest hearing, but unless I can find something that says flood zone property is worth less than non-flood zone property I am afraid I am not going to get anywhere. Seems ridiculous, since I have to pay for flood insurance the property will always have the stigma of the flood hazard, which eliminates many potential buyers and when you eliminate potential buyers that has to affect values, you would think.
If anyone runs into any good articles I could use that would be very much appreciated.