The new FEMA flood hazards map shows much of Pierce County in flood hazard zones. This is a VERY interesting issue, as it:
>> depreciation of property and land
>> limits FEMA flood claims
>> limits rebuildable allowance in the event of loss (to only 40% of market value)
>> limits new development
Problem: sellers not disclosing to new buyers, making yet more flood "victims". Another is that these devalued properties are unfairly assessed (and taxed) at "fair market value".
The new FEMA flood hazards map shows much of Pierce County in flood hazard zones. This is a VERY interesting issue, as it:
>> depreciation of property and land
>> limits FEMA flood claims
>> limits rebuildable allowance in the event of loss (to only 40% of market value)
>> limits new development
Problem: sellers not disclosing to new buyers, making yet more flood "victims". Another is that these devalued properties are unfairly assessed (and taxed) at "fair market value".
SouthSoundPromotions 4 years ago