A little-known state law could result in big savings to Venango County residents who experienced “catastrophic” property loss as a result of last month’s flooding.
According to Robert Walter, the county’s chief tax assessor, residents whose properties were devastated by the July 19-20 flooding could be eligible for breaks on their county, municipal and school district taxes.
“Its (the damage) got to be 50 percent the value or more of the property (to qualify),” Walter said. “They (taxpayers) have to file within six months of the date of the loss.”
If the board approves the appeal, Walter said, a credit would be issued for the taxes that already have been paid, and how much of a credit depends on the timing.
“It’s 100 percent forgiveness for the portion that was lost from the date (of loss) going forward,” Walter said.
“For example, if a $100,000 house lost $50,000 of value, the board would reduce the assessment of that loss.”
The value, he said, is going to stay at where the board sets it, and reassessment would occur if the property were to be repaired or restored.
But the state law, which Walter says is under “Purdon 72 taxation and fiscal affairs, under section 5349.3 catastrophic losses,” doesn’t just cover the recent flooding.
He said it could apply to county residents who experience a catastrophic property loss due to other catastrophes, such as fire, mine subsidence or any natural disaster.
Walter said he has been the chief assessor since 2008, and during that time he has seen about 20 to 30 appeals.
“We’ve had several for fires, but not any for any flooding,” he said.
“The law has been in the books for years. If I didn’t work here, I wouldn’t know about it.”
