Destroyed property

From the 2024 DOR Tax Exemption Study

84.70.010 - Destroyed property Description Property damaged in whole or in part, or located in a disaster as declared by the Governor or county legislative authority that has been reduced in value by more than 20%, may have its value reduced by the difference in fair market value before and after the destruction or natural disaster. Purpose To provide relief for owners of destroyed property or losses of property value resulting from natural disasters. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.024 $0.024 $0.025 $0.025 Local Taxes $0.070 $0.073 $0.078 $0.083 Repeal of Repealing a property tax exemption would not increase state revenues. The repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. The repeal may decrease the local rate. Local taxing districts at their statutory maximum may experience a revenue increase. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.002 $0.004 $0.005 Assumptions - The total estimated exempt value is $10.9 million. - This repeal takes effect