According to the Real Property Assessment Division, the tax assessed value for all real property on the island of Oahu had increased by 2.3 percent in the past year. Specifically, residential properties increased by an average of 2.1 percent, hotel and resort properties increased by 9.3 percent, commercial properties by 0.7 percent and industrial properties by 3.2 percent. The total gross assessed valuation for all taxable real property on Oahu was $184.4 billion.
This slight increase does equate to some additional tax revenue for the City and County of Honolulu for the upcoming fiscal year, but there are many property owners who are concerned that the City Council may decide to increase real property tax rates anyway. Currently, residential property owners pay a tax rate of $3.50 per $1,000 of assessed property value. However, if the Honolulu City Council and the Mayor’s Office is unable to get the budget balanced and in fiscal order, they may have no choice but to increase this rate.
Source: Honolulu Star Advertiser, 12-15-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
