If you live in an earthquake-prone area, you need to ensure your home is retrofitted to withstand the shaking. The proposition is founded on the damages caused by the seism of Boumerdes in Algeria, on 23 May 2003. (Net depreciation is the residual amount after deducting from gross depreciation recovered of that class any amount of loss on disposal of that class as a result of the earthquake). California SB 1489 Would Allow Earthquake Retrofit Depreciation. Benthien, M. and von Winterfeldt, D.: A Decision Analysis Framework for Improving the Seismic Safety of Apartment Buildings with Tuckunder Parking Structures, working paper, School of Policy, Planning and Development, University of Southern California, U.S.A., (2002). depreciated. I own an office in a small condo and had to pay a share of the mandatory retrofitting of the entire building. However, the insurance proceeds may not be quantifiable until months or even a year later and, quite likely, especially in the case of the Christchurch earthquake, in a different tax year. Thats one of the goals earthquake engineers are trying to accomplish. here. This process costs $1,000 to $3,000. All features, services, support, prices, offers, terms and conditions are subject to change without notice. Instead of floor joists spanning the foundation (either to the mudsill or a stem or cripple wall), these regularly spaced posts hold up the home. California Earthquake Retrofit Requirements. Previous earthquake damages have resulted in an average cost for home repair of $30,000, plus the cost of a licensed contractor at about $3,000. Bouhedja S. et all : Behavior of Buildings in Reinforced Concrete During an Earthquake: Case Study, Engineering Geology for Society and Territory - Volume 8, pp.375-379, Springer, (2014). Where do I enter my estimated tax payments? Bolting cripple walls costs between $1,000 and $3,000. This proposal will allow the owner to roll the depreciation recovered into the replacement building. However, for straight line depreciation purposes, its cost will be $5 million. Cost data is based on actual project costs as reported by HomeAdvisor members. Earthquake Brace + Bolt (EBB) was a grant program that provided eligible California homeowners up to $3,000 towards residential seismic retrofits.
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