Iran's 1 October missile strike on Israel caused an estimated 150 to 200 million shekels ($40 million to $53 million) in damage to private property, according to Israel's tax authority.
This makes it the most expensive attack since Israel’s devastating war on Gaza began a year ago.
The 1 October airstrike prompted around 2,500 claims for compensation, with more than half related to damage to apartments and businesses, particularly in northern Tel Aviv.
One of the worst-hit areas was the town of Hod Hasharon, where over 1,000 homes were reported damaged.
While northern Tel Aviv's residential and commercial areas, as well as parts of central Israel, were also affected, the Tax Authority has not yet confirmed how much of the damage was due to direct missile hits as opposed to debris from intercepted missiles.
Since 7 October of last year, Israel's Tax Authority claimed it has paid out 1.5 billion shekels (US$400 million) in compensation, with another 1 billion shekels (US$266 million) expected to cover pending claims, particularly in northern Israel.
Iran’s attack was met with condemnation from Israel's allies, including the United States, France, and Britain.
Israel has vowed to retaliate, while the US is deploying an advanced missile defence system and additional troops to assist Israel, the Pentagon announced.
Iran’s Foreign Minister, Abbas Araghchi, stated that Iran is prepared for a "war situation" but added that the country seeks peace.
The conflict between Israel and Iran's ally Hezbollah, which erupted on October 8 last year during the war in Gaza, has escalated in recent weeks.
Israeli airstrikes have targeted southern Lebanon, Beirut’s southern suburbs, and the Bekaa Valley, killing many Hezbollah leaders and civilians.
Israel's military campaign has also since displaced around 1.2 million people since late September, according to Lebanese government figures.
As of Saturday, the Lebanese health ministry reported a death toll of 2,306, with an Israeli strike on Monday killing at least 18 people.