FLORIDA - Florida State Senator Blaise Ingoglia has proposed a property tax incentive aimed at encouraging homeowners to undertake storm-hardening improvements to enhance the resilience of Florida's aging housing stock against severe weather events.
According to NBC Miami, the proposed measure would offer a property tax break, potentially spread over several years, to homeowners who upgrade older homes to meet current storm resilience standards.
This initiative targets residences constructed in the 1980s or earlier, which are often more susceptible to damage from hurricanes and other severe weather events.
Senator Ingoglia, who chairs the Senate Banking and Insurance Committee, emphasized that fortifying older homes would not only protect homeowners but also reduce financial burdens on local, state, and federal governments associated with disaster recovery.
He noted that making these homes more resilient could lead to significant savings for all levels of government and provide homeowners with more secure residences.
This proposal comes amid ongoing legislative efforts to stabilize Florida's property insurance market, which has faced challenges due to the high costs of storm-related damages.
By incentivizing homeowners to invest in storm resilience, the measure aims to mitigate future damage and, consequently, insurance claims.
The tax break would be structured to freeze local property taxes for a period ranging from 15 to 20 years for homeowners who implement qualifying upgrades.
This approach is designed to make it financially feasible for homeowners to invest in necessary improvements without the immediate concern of increased property taxes.
The proposal is currently under consideration, and further details, including specific eligibility criteria and implementation guidelines, are expected to be developed in collaboration with legislative colleagues and stakeholders.
If enacted, this initiative could play a pivotal role in enhancing the durability of Florida's housing infrastructure against the increasing threat of severe weather events.