How climate risks could affect property taxes in Fla., Calif., and elsewhere

In 2024, the U.S. experienced 27 weather disasters, including Hurricanes Helene and Milton, each causing over $1 billion in losses. Ongoing wildfires in Southern California and a recent snowstorm in the South could lead to losses of $15 billion to $17 billion. Natural disasters often result in rising insurance premiums and property tax reassessments, which can temporarily lower property values but may lead to increased tax rates for unaffected areas. Laws regarding disaster relief vary by state, with some offering tax relief for affected homeowners.