VA Amendment Cuts Property Taxes For Owners Of Houses That Repeatedly Flood; Gets 70% Of Vote

[hatrack]

A measure approved by Virginia voters this week to cut taxes on homes in flood-prone areas of the flood-prone commonwealth has climate experts warning that it might encourage people to remain in vulnerable areas -- and could spread to other states.

The constitutional amendment passed Tuesday with more than 70 percent of the vote allows cities and other local governments to cut taxes on homes that repeatedly flood, providing the property owners take protective steps. Supporters say the change will keep residents from abandoning coastal communities that are increasingly deluged.

That's what worries some climate advocates. “It will be an incentive to stay in a risky area,” said Chad Berginnis, executive director of the Association of State Floodplain Managers, adding that other states could follow. “This is potentially a big deal.”

EDIT

Climate change is making the problem more acute. By 2030, as many as four communities in coastal Virginia, including Chesapeake and Poquoson, will experience what the Union of Concerned Scientists characterizes as “chronic inundation,” meaning that at least 10 percent of their land area will be underwater an average of twice a month. That number is expected to grow to as many as seven communities by 2045, and as many as 38 by 2100.

EDIT

https://climatecrocks.com/2018/11/10/do-coastal-policies-guarantee-greater-disasters/#more-54394

[lamsmy]

2. Don't worry

Insurers have already dramatically increased premiums for those in flood risk coastal areas. In the next few years, they will refuse to offer any coverage. The national flood insurance schemes are already broke.

When the insurance dried up, so will the mortgages. No bank will finance the purchase of a property that can't be insured.

Highrises in Miami etc are also at risk. If your underground parking constantly floods, or if you can't access the property due to flooded roads, the value of the property plummets.

Of the bright side, Mar a Lago will be one of the first to go under.

[customerserviceguy]

3. I didn't know about this, thanks for posting it!

It backs up my theory that this election was not about opposing Trump as much as it was about getting pissed off over the limitation for deduction of state and local taxes that was a key part of the tax bill. While that part of the tax bill was designed to flip the bird to the blue states that voted for Hillary, it also caused the collateral damage of loss of GOP seats in suburban districts, where state and local taxes are considered to be very high by the residents.

It is interesting to note that 70% of Virginia voters, including ones in the substantial non-coastal areas, voted for this, while giving Tim Kaine nearly 57% of their votes.