The Scituate Coastal Coalition held meeting at the Community Harbor Center Tuesday night, as part of the town’s annual informational outreach for the Federal Emergency Management Agency’s Community Rating System for discounted flood insurance rates.
A large crowd of about 200 people turned out for the informational meeting – all a part of the annual requirement of the Community Rating System to reduce the cost of the town’s FEMA flood insurance by 10%.
David Ball, member of the Scituate Coastal Coalition said the new expanded FEMA flood maps and insurance increases could be devastating for Scituate.
“If this all takes place and works out to the worst possible scenario, it’s going to be disastrous for the town because the tax base is going to be decimated. It’s going to be disastrous for the homeowners, because property values are going to decline tremendously.”
An estimated 2500 homes are expected to be affected by FEMA’S policy, which Ball said could cause a large reduction in Scituate’s tax revenue.
“We estimate with just a 10% reduction in property values, it would work out to well over $1,000,000 worth of tax revenue lost. That’s a tremendous hit.”
Scituate is hoping to raise the town’s CRS rating for discount flood insurance from 10% to 15%.