When will reduced property values, as a result of the oil spill, be reflected in property tax notices?
The 2010 property valuation notices recently mailed state property values as of October 1, 2009. The notices will not reflect any impact the oil spill might have on property values since the oil spill occurred after the October 1, 2009, tax lien date. Any impact that the BP oil spill may have on property values will not be reflected until valuation notices are mailed out in the summer of 2011. These will state values as of the October 1, 2010, tax valuation date, and will reflect any impact on values if measurable at that time. • Can I take a casualty loss on my tax return for damages sustained due to the Gulf oil spill if I received payments from British Petroleum (BP) or my insurance company? No, you may not deduct losses due to damages sustained by the Gulf oil spill if you received payments from BP or your insurance company that was equal to or greater than the amount of estimated losses. To the extent you received payments that were less than the losses you sustained, you may dedu
