A structure is considered substantially damaged when the cost to repair it equals or exceeds 50% of its pre-damage structure value (excluding land value). Federal floodplain regulations require communities participating in the National Flood Insurance Program (NFIP) to perform this evaluation.

Market value means the value of the structure, excluding the land and other improvements on the parcel such as docks, fences, sheds, etc. 

The term refers to the Actual Cash Value (like-kind replacement cost depreciated for age, wear and tear, neglect and quality of construction), determined by a qualified independent appraiser or the building value of the structure, developed by the Lee County Property Appraiser's Office. 

• Go to Leepa.org.
• In the Quick Property Search area, enter the site address and click the search button. 
• After the page loads, you should see "Parcel Details" on the right, click that link which will take you to the "Property Data" page.
• Select the storm event "Tax roll Value letter" that applies.
• After the page loads, find the "Building Value"
• If the repair costs meet or exceed 50% of that building value, the structure is considered Substantially Damaged and the structure will need to be brought into current code compliance either by elevating the structure or building a new compliant structure.
• If the repair costs are under that 50% building value, then the structure is not considered Substantially Damaged and may obtain a storm damage repair permit.
  

You will need to submit an "After-the-Fact" repair permit. Gather all receipts, bids, contracts, photos or other documentation that will aid as "back up" to your repair permit application. This information will be helpful when you fill out the Detailed Cost Breakdown package. 

Consequences of non-compliance may include…

• Cities or Counties may face probation or suspension from the NFIP. 
• Homeowners could lose access to federally regulated mortgages and face foreclosure. 
• Loss of eligibility for federal funding (e.g. Hazard Mitigation Grant Program, Flood Mitigation Assistance). 

The County faces the following risks if suspended from FEMA National Flood Insurance Program: 

• Loss of Mortgage Access: No mortgages will be available from banking institutions insured and regulated by the Federal Deposit Insurance Corporation (FDIC) within Special Flood Hazard Areas (SFHA). 

• Ineligibility for Federal Grants: The local government will not be eligible for any federal grant programs that benefit infrastructure within SFHA zones. Must return federal active grants currently in process that benefit SFHA zones, including the Department of Housing and Urban Development's (HUD) Community Development Block Grant Disaster Recovery (CDBG-DR) program. This restriction hinders the community's ability to fund recovery and rebuilding initiatives. 

• Increased Financial Burden on Residents: The combined effects of these limitations will exacerbate the financial strain on residents, particularly due to the rising cost and limited availability of private flood insurance coverage.