Natural Disaster Homestead Exemption

How it works

This is a homestead property tax exemption for a rebuilt residential structure after a widespread natural disaster. The exemption amount equals the reduction in equalized assessed value (EAV) of the residence in the first taxable year you apply, minus the EAV from the taxable year before the disaster.

The exemption continues at the same amount until the taxable year the property is sold or transferred.

What counts as a natural disaster

The county says a natural disaster is widespread or severe damage or loss of property from a catastrophic cause, including but not limited to fire, flood, earthquake, wind, storm, or an extended period of severe inclement weather. It does not include a catastrophic event affecting only a single property.

How to apply

The initial application, Form PTAX-327, must be filed with the Chief County Assessor’s Office no later than July 1 of the first taxable year after the residential structure is rebuilt. The form must be filed each year.

Timing and deadlines

The disaster must have occurred in taxable year 2012 (property taxes payable 2013) or any taxable year thereafter. The rebuilt structure must be completed within 2 years after the date of the natural disaster.

Notes

The county’s assessor instructions say the property is not eligible for both this exemption and the Homestead Improvement Exemption for the same natural disaster or catastrophic event, though it may qualify for a separate later event.