FEMA 50% structure value

[Deleted member 142783]

Hello,

Has anyone completed a report for the local building department to determine the value of a home?

Here is what I have found

FEMA's 50% Rule Explained - Floodplain Management

This white paper discusses the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP), including floodplain management, substantial damage, substantial improvements, and requirements for compliance.

www.jsheld.com

Anything else you have on guidelines or feedback?

This seems as simple as total property value - improvements = SFR value

Thanks!

 

[CCAAMO]

Hello,

Has anyone completed a report for the local building department to determine the value of a home?

Here is what I have found

FEMA's 50% Rule Explained - Floodplain Management

This white paper discusses the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP), including floodplain management, substantial damage, substantial improvements, and requirements for compliance.

www.jsheld.com

Anything else you have on guidelines or feedback?

This seems as simple as total property value - improvements = SFR value

Thanks!

More like land value by abstraction

 

[Red Flint]

See pp 49-53 of FEMA P-758, full document link on this page

https://www.FEMA.gov/fact-sheet/substantial-damage-quick-guide

 

[Mark K]

Anything else you have on guidelines or feedback?

This seems as simple as total property value - improvements = SFR value

Thanks!

MV - (land and land improvements value) = Improvements value

Simple example: $500,000 MV - $100,000 site value - $50,000 (drive,landscape, well/septic,pool) = $350,000 improvements value (house/garage).

Is this what you're wanting? FEMA has their own rules that likely don't agree with your local building dept. I've done a few insurance burn jobs and the above is essentially what they're interested in.

The question is what do they base their 50% on, the replacement cost or the depreciated value?

 

[JTip]

 

[Deleted member 142783]

CA has prop 13 so assessed values are often times much lower

 

[Charles West]

CA has prop 13 so assessed values are often times much lower

Thank the gods!