Florida Governor Charlie Crist today signed legislation making properties affected by imported or domestic drywall eligible for an adjustment of their assessed value.
The bill, HB 965, applies to the 2010 and subsequent assessment rolls and is repealed on July 1, 2017, unless reviewed and reenacted by the Legislature.
“The homeowners that have been affected by Chinese drywall deserve our unwavering assistance and support. Through no fault of their own, their property values have been impacted and this legislation is one bold step we can take to protect their investment,” said Governor Crist.
The new law requires property appraisers to adjust the assessed value of single-family residential properties adversely affected by imported or domestic drywall. To qualify for an adjustment, a property must have imported or domestic drywall that has had a significant negative impact on the property’s just value and the purchaser must have been unaware of the presence of the defective drywall at the time of purchase.
If the building cannot be used without remediation to bring the property up to current building standards, then the property appraiser must assess the value of the building at $0.
This legislation was a response to the numerous homes built with drywall imported from China between 2004 and 2007. As of March 1, 2010, the state has confirmed that 530 homes have been affected by Chinese drywall. A number of suits have been filed against homebuilders and manufacturers and insurers have also been concerned about potential claims.
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