Fall Newsletter: Important Flood & Tax Information

by Jamie Amdal Hughes

Fall 2021

RENEW YOUR FLOOD POLICY BEFORE OCTOBER 1ST!

On October 1, 2021 FEMA’s new Risk Rating 2.0 system will go into effect and change the price of flood insurance premiums nationwide. The Risk Rating 2.0 system will no longer use flood zones or BFE’s to determine premiums, but rather take into account individual property elevations, overall flooding risk from various factors, and individual rebuilding costs to offer (in theory) more accurate and fair flood insurance premiums. The goal is that this more comprehensive risk rating system will create more equitable flood insurance rates and make the National Flood Insurance Program more sustainable. This change WILL affect your flood insurance in some way. For more information on the matter, please click the link below or check with your insurance agent directly!

The coastal communities of Louisiana that embody our language and culture are still struggling to recover from Hurricane Ida. These cities are where our gumbo recipes, cajun & creole history, and southern hospitality originated. Rėve Realtors is supporting bayoufund.org to help clean and rebuild these parishes in need.
You can also request your own "Love Your Neighbor, Y'all" sign and I will donate to a charity of your choice!

Hurricane Ida Relief

This Weeks Interest Rates:
Conventional 30 Yr: 2.75%
Conventional 15 Yr: 2.25%
FHA: 2.875%
VA: 3%
Rural Development: 2.75%
Jumbo 30 Yr: 3%
Jumbo 15 Yr: 2.75%

The Orleans Parish Assessor’s Office has announced that homeowners will get a tax break due to the extended outage after Hurricane Ida, in addition to the potential of larger reductions to their assessments due to storm damage. Similar reductions for Ida-related damage is also available in Jefferson Parish, where officials expect they will also do a significant mass reduction for hard-hit areas outside the levee system and are considering their options for the more protected areas inside it. In Orleans Parish, property owners can apply from Sept. 23 until 4 p.m. on Oct. 7 to have their assessment lowered to take into account damage from the storm. They can apply online for such breaks at www.nolaassessor.com, or they can go online or call 504-754-8811 to set up an in-person appointment to meet with the assessor’s staff. Evidence of damage will be taken into account in that process, be it insurance claims, estimates from contractors or any other way property owners have of documenting the status of their properties. A similar process will play out in Jefferson Parish, where the rolls will be reopened from Sept. 29 to Oct. 13 for people to submit evidence of damage.

Fall Newsletter: Important Flood & Tax Information

by Jamie Amdal Hughes

GET MORE INFORMATION