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FOR IMMEDIATE RELEASE                          
December 18, 2003




About 264,000 Oahu property owners received their 2004 real property assessments this week.  Hotel and resort property values declined by .3 percent, while commercial and industrial properties rose in value by 4.6 percent and 5.3. percent respectively.

 Unimproved residential property decreased in value by 10.3 percent and the value of residential property rose by about 17 percent (16.8 percent for condominiums and 17.2 percent for single-family homes).  About 20 percent of this increase is the result of new homes and condominiums and other new construction added to the islandís inventory.  The values mirrored Honolulu Board of Realtor price data for the island.

              The median sales price for single-family homes at the end of September was $392,500, compared to $335,000 for the full year in 2002.  The median price for condominiums as of this September was $177,500, compared to $152,000 for 2002.

              An assessment notice is not a tax bill.  Taxes will be determined when the 2004 tax rates are set by the City Council in the first half of next year and applied to the assessments. The deadline to file an appeal on your 2004 assessment is January 15, 2004.

              Property owners who have not received their 2004 Assessment Notice are advised to contact the Real Property Assessment Division at:


842 Bethel Street, Basement              or            1000 Uluohia Street, #206

Honolulu, Hawaii 96813                                      Kapolei, Hawaii 96707

(Phone:  527-5539 or 527-5510)                   (Phone: 692-5541)




Thursday, December 18, 2003

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