Ford Supports Hurricane Damage Valuation Adjustments

Ford Supports Hurricane Damage Valuation Adjustments
Issued September 6, 2004

PRESS RELEASE

Monday, September 6th, Brevard County Property Appraiser Jim Ford surveyed the extensive damage which took place in Brevard County as a result of Hurricane Frances. Ford said he is in agreement with proposals for taxpayer relief which have been initiated by legislators in the wake of Hurricane Charley. However, according to Ford, proposals which simply authorize the Property Appraiser to adjust property values would require a tremendous workload with considerable cost to taxpayers and potential for disagreement as to the appropriate amount of adjustment. For this reason, Jim Ford will suggest to legislators that Property Appraisers be authorized to make adjustments based on the insurance deductibles for structural damage plus the compensation approved by the insurance companies in all cases where property owners have insurance and have filed structural damage claims. For uninsured property owners the Property Appraiser would be authorized to estimate the appropriate value reduction using typical construction cost to repair the damage.

Ford said this procedure would be the most cost-effective, expeditious, and fair way to determine appropriate adjustments. According to Ford, the legislature needs to consider the cost to the Property Appraiser's offices in surveying and arriving at adjustments in addition to dealing with the normal workload. He said using insurance claims as a basis would reduce the cost to taxpayers of administering a program of such magnitude in a relatively short timeframe and maximize the work being done by the private sector to provide public relief.