Lake County Victims May Qualify for a Flood Tax Credit

Many home and business owners are still struggling to restore their property after suffering through the historic flooding in summer of 2017. Fortunately, there is some relief on the way. Homeowners and small businesses in Lake and 17 other counties impacted by the historic flooding in July may be eligible for a state tax credit up to $750.

The flooding that occurred this summer caused thousands of dollars in property damage to Lake County homes and businesses. This tax credit will provide relief to flood victims who are still trying to pick up the pieces, and rebuild their homes and businesses.

In order to qualify for the grant, homeowners must have reported the damage in July to the Lake County Emergency Management agency. In addition, homeowners who received the Natural Disaster Reassessment are not eligible.

Homeowners seeking the credit must attach a letter from their township assessor’s office to the tax form.

In addition to the tax credit, the Small Business Administration will provide low interest loans to homeowners and business owners in Lake County. More information about the loan program can be found by contacting SBA’s Disaster Assistance Customer Service Center at (800) 659-2955 or going online to sba.gov/disaster.