Today, Governor Charlie Crist signed HB 965 into law, which provides temporary property tax relief for some who own properties that have been significantly affected by Chinese drywall.
When the property appraiser determines that a single-family residential property is affected by drywall with elevated levels of elemental sulfur that results in corrosion of certain metals and needs remediation to bring that property up to current building standards, the property appraiser shall adjust the assessed value of that property by taking the presence and impact into consideration. If a building cannot be used for its intended purpose without remediation or repair, then the value of the building shall be assessed at $0, but not the land. Home owners who need to vacate the property in order for the drywall to be repaired would not lose their homestead exemption under the law, provided they did not establish a new homestead elsewhere.
In cases of newly purchased properties, the relief only applies to properties in which the buyer was unaware of the issue at the time of purchase. It does not apply if the presence was disclosed. This relief is repealed on July 1, 2017, unless reenacted by the Legislature.
According to Florida's Division of Emergency Management, "As of March 1, 2010, the preassessment has determined that there are 530 homes in Florida that meet the [Florida Department of Health] threshold for being impacted (the homes have been subject to metal corrosion due to Chinese drywall). Further, county property appraisers in Florida have identified 2505 homes that have had their value adjusted downward based on damages from the presence of Chinese drywall. An additional 846 claims for adjustment due to the presence of Chinese drywall are pending."
