Chinese Drywall: How to Save on Taxes

October 7, 2009

With so many homes affected by Chinese drywall in Florida, Hillsborough County is offering help to its residents. The Hillsborough County Property Appraiser’s Office will evaluate homes and will also offer to reduce the estimated value of the structure by up to 50% (minus land value) depending on the severity. “We don’t want to make it even more difficult for people already burdened by this problem,” said Warren Weathers of the property appraiser’s office. “We wanted to respond to this quickly.” Contact the office at 813.272.6100 for more details. There has not been a deadline set to request the deduction, however tax bills are sent out on November 1 for Hillsborough County, so act quickly.

For residents outside of Hillsborough County, check with your local property appraiser’s office. Although Florida received the most tainted drywall, other states such as Louisiana, Mississippi, Alabama and Virginia were also affected to a moderate degree. Several other states have also report cases. The Florida Department of Health and the US Consumer Product Safety Commission released information concerning the states nationwide that have had cases of Chinese drywall corrosion.

Hillsborough County isn’t the only government entity trying to help homeowners. The IRS is also looking at adding a deduction to help. The deduction would allow homeowners to claim a casualty loss on their federal taxes. An amount has not yet been determined, but the IRS states that it could be the difference between the value of the home prior to and after the drywall installation.

Does your home meet Florida’s case requirements?

My Inspector General performs Chinese drywall inspections across Florida. All inspectors are certified general contractors and are well aware of the damage and symptoms that Chinese drywall can create.

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