If a major calamity, such as fire or flooding, damages or destroys your property, you may be eligible for property tax relief. In such cases, the Assessor's office will reappraise the property to reflect its damaged condition. In addition when you rebuild it in a like or similar manner, the property will retain its previous value for tax purposes. To qualify for property tax relief, you must file an Application for Reassessment (ACR 702) with the Assessor's office within 12 months from the date the property was damaged or destroyed. In addition, the loss must exceed $10,000.