Property Tax and Home Insurance Rates Up as Global Temperatures Rise

Climate Change Impacts on Property Taxes and Home Insurance

Impact on Property Taxes:

• Reassessments: Natural disasters often lead to property reassessments, temporarily lowering the value of damaged properties and thus reducing property taxes. As stated in the Yahoo article, "natural disasters usually spur property reassessments, which temporarily lower the values of damaged properties while simultaneously reducing homeowners’ taxes."
• Tax Rate Increases: Municipalities might raise property tax rates to offset revenue losses from damaged properties and to fund recovery efforts. The article notes, "In areas that were not affected, tax rates were increased to help offset the loss in revenue,” and, "In Los Angeles, wildfires similarly create more expensive pl ...