Fire Aftermath
My son and daughter in law and two grandkids live only 20 miles from the Palisades fire, just over the Santa Monica mountains, but they were safe during the recent fire catastrophe in California.
They lost power, but only for two days, and the Santa Ana winds were fierce, but they blew smoke and fire risk away from them. Life went on as normal pretty much. I'm scheduled to go out there this week for my granddaughter's birthday.
Like everyone, I was glued to news reports during the worst of the terrible events. Now I am reading about the aftermath and the destroyed lives and property. The survivors -- or many of them, displaced and devastated, vow to return and rebuild.
While I understand attachment to home and place, it didn't really occur to me that everyone still owns their property. The house is gone, the neighborhood has disappeared, but the ground the house sat on is still theirs, still taxed and still in their names.
I read that assessed values are of course adjusted after destruction of property, but the land itself is the most valuable part of any real estate assessment, not the structures. And in California land is extremely valuable.
Banks may work with homeowners to adjust and discharge mortgages, and insurance, if they have it, will help. Utility accounts will cancel. But the land is still there, still owned. It doesn't go away.
That gave me a new insight into why people want to rebuild after floods and fires and hurricanes. Their home lots are the only thing of financial value left in a collapsed life and they still are taxed on it.
Some will sell and move away, but they have to find a buyer to do that. Maybe some will move away but abandon the property, I'm not sure how that works financially since taxes are still owed.
My new understanding of what the survivors face has been revealing. Thankfully I've never faced these situations and my family has been safe.
🧡
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