Owners of Hillsborough County, Florida homes affected by tainted Chinese drywall may qualify for a significant deduction of their property taxes, according to the Hillsborough County Property Appraiser’s Office. The tax appraiser is evaluating homes and offering discounts of as much as 50 percent of a home’s value, based on the severity of the problem. The deduction will not apply to the value of the land. Homeowners interested in applying for the deduction can call the tax appraiser’s office at (813) 272-6100 for more information.
It is estimated that the tainted Chinese drywall, which has been shown to cause health problems and damage home appliances, was used in as many as 100,000 homes in the U.S., particularly between 2004 and 2007. It is estimated that as many as 2,500 of those homes may be in Hillsborough County.
In addition to property tax relief, the Internal Revenue Service is considering allowing a casualty loss on homeowners’ tax returns.
For the full story, go to Tampa Bay Online.