Last week five homeowners in the Madison, Wisconsin area completely lost their homes because of flood waters. Many other homes were affected by flood waters, but these were completely destroyed. The homeowners think they shouldn't have to pay their full property tax bills, but the taxing authorities say that the law requires them to pay.

Property tax bills are based upon a property's value as of January 1, regardless of the value of the property today. And although I feel badly for the homeowners who lost their houses, I understand the logic behind the laws. There has to be a uniform way of assessing taxes and making taxpayers pay accordingly.

If you've ever built a house, you know that taxpayers sometimes win this game. You might have a very low tax bill for a year because the house wasn't completed and therefore the value at the time of assessment was low. Even if your house is finished later in that year, you still pay the low tax bill because of the timing.

The sight of thousands of homes under water in the aftermath of Katrina was sadly familiar to many Americans. Flooding is a disaster to which few are immune, although many of us delude ourselves otherwise. How safe are you?

The flood season, if there is one, is approaching. Some of our nation's worst floods have come in the late winter, where heavy rains strike ground still saturated and frozen. Ohio, for example, was devastated by such a flood in 1913.

Luckily, there are some tools that make it very easy for you to check your vulnerability. FEMA offers an online map search that will show you the 100-year and 500-year flood plains in your area. Floodsmart.gov, the web site of the National Flood Insurance Program, offers an evaluation of your exposure, as well as a great deal of background about flood expectations and how to insure yourself against this eventuality.

I can guarantee that most of the people you see on the news being plucked by helicopter from the roofs of immersed houses thought it couldn't happen to them. Take a moment to see if you have anything to worry about.