This exemption is on homestead property for a rebuilt residential structure following a widespread natural disaster occurring in the taxable year 2012 (property taxes payable 2013) or any taxable year thereafter. The amount of the exemption is the reduction in EAV of the residence in the first taxable year for which the taxpayer applies for an exemption minus the EAV of the residence for the taxable year prior to the taxable year in which the natural disaster occurred. The exemption continues at the same amount until the taxable year the property is sold or transferred.
A natural disaster means an occurrence of widespread or severe damage or loss of property resulting from any catastrophic cause including but not limited to fire, flood, earthquake, wind, storm, or extended period of severe inclement weather. This does not include a catastrophic event to a single property.
To be eligible for this exemption, the applicant must:
- Own or have a legal or equitable interest in the property on which a single-family residence is occupied as their principal residence during the assessment year
- Be liable for the payment of property taxes
- The residential structure must be rebuilt within 2 years after the date of the natural disaster and
- The square footage of the rebuilt structure may not be more than 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster
The initial application, Form PTAX-327 Application for the Natural Disaster Homestead Exemption (PDF), 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. Form PTAX-327 must continue to be filed each year.
If you should have any questions, you may call or write the Chief County Assessors Office.