TAX NEWS - JUNE 2010

Florida Tax: Crist signs tax break for Florida drywall victims

02 June 2010 -- Governor Charlie Crist has signed a bill that will give victims of Chinese drywall a property tax break.

The new law that Crist approved Tuesday requires tax assessments to be reduced to reflect loss of value due to defective drywall whether imported or domestic.

Chinese drywall has been linked to possible health problems as well as corrosion of wiring, air conditioning units, computers, doorknobs and jewelry.

Homes often have to be gutted to fix the problem.

The new law requires value adjustments beginning with 2010 tax year and continuing through 2017 when it will repeal unless re-enacted by the Legislature.