Tax Breaks for Houston Storm Victims [Video]

For the past few weeks, residents in the Houston area have been faced with harmful storms, flooding, and dangerous winds. These natural disasters have caused major infrastructure damage around the greater Houston area. If you have been a victim of the recent extreme weather, there may be tax breaks available for you.

If you are a property owner whose house or business was damaged due to the recent disasters, you may be eligible for property tax breaks. However, there are a few requirements you must meet in order to qualify. First, your property must be in one of the 29 state declared disaster areas decreed by Governor Greg Abbot. Second, the damage done to your house or business must be at least 15% of the property. This determination is made by the appraisal district. If you meet these requirements, you will need to fill out a disaster exemptions application, which can be found online at www.HCAD.org.

Along with filling out the application, you should also submit any “repair estimates or insurance claims” that provide a “value amount for repairs and damages” on the properties. The deadline to file the form with the appraisal district is August 12th, 2024.

The recent storms have caused tremendous damage to many peoples’ homes, but the road to recovery has begun. In a time of need, it is important to find relief, such as tax exemptions, that can help alleviate your distress during this time. To stay updated on relief that you may qualify for, follow the XQ CPA blog. We are here for business owners like you.

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Source:
https://www.houstonpublicmedia.org/articles/news/weather/2024/05/06/485629/flood-or-storm-damage-victims-may-qualify-for-a-break-on-their-2024-property-taxes/