Benefit:

This exemption is for any homestead property in which there was a rebuilt structure following a natural disaster. A natural disaster means an occurrence of widespread or severe damage or loss of property resulting from any catastrophic cause including but not limited to fire, flood, earthquake, wind, storm, or extended period of severe inclement weather.

Qualifications:

• You must own or have a legal or equitable interest in the property on which a single family residence is occupied as your principal residence during the assessment year
• You must be liable for payment of the real estate taxes
• The residential structure must be rebuilt within 2 years after the date of the natural disaster
• The square footage of the rebuilt structure may not be more than 110 percent of the square footage of the original residential structure as it existed immediately prior to the natural disaster.