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FOR IMMEDIATE RELEASE                          

December 15, 2004

 

 

HIGHER VALUES REFLECTED IN  CITY’S 2005 PROPERTY ASSESSMENTS

 

About 268,347 Oahu property owners will receive their 2005 real property assessments this week. 

 

Hotel and resort property values increased by 1.6 percent, while commercial and industrial properties rose in value by 5.9 percent and 9.4 percent respectively.

 

Unimproved residential property decreased in value by .2 percent and the value of residential property rose by about 26 percent (21.1 percent for condominiums and 27.9 percent for single-family homes).  The values mirrored Honolulu Board of Realtors price data for the island and reflect new housing construction and additions to existing housing inventory.

 

            The median sales price (Honolulu Board of Realtors data) for single-family homes at the end of September was $469,000 compared to $380,000 for the full year in 2003.  The median price for condominiums as of this September was $215,000, compared to $175,000 for the full year in 2003.

 

            An assessment notice is not a tax bill.  Taxes will be determined when the 2005 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 2005 assessment is January 18, 2005.

 

Property owners who have not received their 2005 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)

 

  

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Wednesday, December 15, 2004

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