2022 Florida Property Tax Relief

Property Tax Relief for Hurricanes Ian and Nicole

On Dec. 16, 2022, the state of Florida enacted a law to provide potential tax relief to homeowners displaced from their homes for more than 30 days due the devastating impacts of Hurricanes Ian and Nicole that struck the state last fall. The new statute allows for a partial refund of 2022 property taxes to qualifying property owners based on the number of days — a minimum of 30 days — that a residential improvement was rendered uninhabitable due to Hurricane Ian or Hurricane Nicole.

The Florida Department of Revenue developed A Florida Homeowner’s Guide: Property Tax Relief for Hurricanes Ian and Nicole, which outlines details about the statute, eligibility requirements and the application process for property owners. Among the highlights:

Eligibility
● To be eligible, the property must be determined “uninhabitable” for a minimum of 30 days. For Hurricane Ian, the maximum number of days an applicant can claim is 95 days. For Hurricane Nicole, the maximum is 52 days.

Application Process
● To start the application process, homeowners must contact the county property appraiser’s office for the county in which the property is located. They will receive the Application for Hurricane Ian or Hurricane Nicole Tax Refund form (Form DR-5001.) This form may be submitted before or after 2022 property taxes are remitted.
● The property appraiser is responsible for approving or denying a homeowner’s eligibility for a refund based on Form DR-5001.

Timing
● All homeowner applications and supporting documentation must be submitted to property appraisers by April 3, 2023. Applications received after this date will not be eligible for consideration, so property owners are encouraged to submit the application as soon as possible.
● The property appraiser must notify all applicants of either their eligibility or ineligibility no later than June 1, 2023.

Refund Calculation If a Refund is Approved
● If the property appraiser informs the tax collector of a homeowner’s eligibility for a refund, the tax collector is responsible for calculating the refund amount and remitting it to the homeowner once the 2022 property taxes have been paid.

For more information about this new law, including how the refund amount is calculated, refer to https://floridarevenue.com/property/Documents/homeowner_guide_ian_2.pdf and consult with your tax professional to discuss your personal tax situation. In addition, please reach out to your Commerce Trust Advisor any time to discuss your wealth management needs.