Photo courtesy of Hernando Today
Known to many as “Sinkhole Capital of the World”, Spring Hill, Florida has just released a report on the effects of sinkholes on the economy. Although homes with sinkholes cause Hernando County to loose revenue on residential taxes, it seems to have no effect on the commercial growth of the County.
So what is the damage of having a sinkhole?
The market value of properties with unrepaired sinkholes are depreciated 50 percent. Once those properties are repaired, the value is increased to 90 percent of its full potential value.
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