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2008 PROPERTY ASSESSMENTS COMPLETED 

 

Nearly 281,000 Oahu property owners will receive their 2008 real property assessment notices this week.  Due to recent market conditions, the assessed valuation for most residential parcels will be relatively flat compared to previous years. 

Excluding new parcels and additions/alterations to existing parcels, Oahu valuations decreased by 1.4 percent. The total gross assessed valuation of all real property on Oahu decreased from $191.5 billion to $190.7 billion, an overall decrease of .4 percent. This decrease was primarily due to lower residential sale prices. New developments (4,072 new parcels), including residential subdivisions, condominiums, new commercial and industrial projects, and construction of new buildings and improvements to existing ones, partially offset the decrease in residential property values.

Excluding new parcels and additions/alterations to existing parcels, the total gross valuations of all residential valuations decreased by 2.7 percent.  Percentage changes represent broad totals and the change in the assessed value of a particular property could be more or less than the island wide figure.

          The new assessed valuations were set as of October 1, 2007, and are based on sales of similar properties in each neighborhood through June 30, 2007.  The median sales price (Honolulu Board of Realtors data) for single-family homes at the end of September 2007 was $648,000 compared to $634,000 for the full year in 2006, an increase of 2.2 percent.  The median sales price (Honolulu Board of Realtors data) for condominiums as of September 2007 was $325,000 compared to $310,000 for the full year in 2006, an increase of 4.8 percent. 

Excluding new parcels and additions/alterations to existing parcels, hotel and resort property values decreased by 4.9 percent, while commercial and industrial properties rose in value by 4.0 percent and 2.0 percent, respectively.

          The assessment notice is not a tax bill, but simply a statement of what the City has determined to be the property’s value. The notice includes information on deductions for which the owner is eligible. The standard homeowner’s exemption is $80,000 and increases to $120,000 for homeowners 65 and older who have applied for and obtained the exemption for age. Subtract those exemptions from the assessed valuation to get your property’s net assessed value. That net assessed value plays a major role in determining the amount of property tax you’ll owe the City next fiscal year (July 1, 2008 to June 30, 2009). The actual amount of an individual property owner’s tax bill is determined by multiplying the net assessed valuation by the appropriate tax rate, which will be set by the City Council next spring as it finalizes the budget for fiscal year 2009.

          This past legislative session, the City Council, for purposes of setting the tax rates, collapsed the three land classifications of “Improved residential,” “Unimproved residential” and Apartment” into one land classification identified as “Residential.”  This new land classification of “Residential” shows up on the assessment notice as “Improved Residential,” and has no effect on your assessment.  

          If you wish to dispute your assessment, the deadline for filing an appeal is January 15, 2008.

Property owners who have not received their 2008 Assessment Notice by December 31, 2007, are advised to contact the Real Property Assessment Division at:

 

842 Bethel Street, Basement       

Honolulu, Hawaii 96813

Phone:  768-3799, 527-5539 

 

or 

 

1000 Uluohia Street, #206

Kapolei, Hawaii 96707         

Phone: 768-3169, 527-5510              

 

Real property information regarding the new assessed values and exemptions, as well as tax billing information, is available at www.honolulupropertytax.com, and you can email the Real Property Assessment Division with questions concerning your assessment notice at bfsrpmailbox@honolulu.gov.

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Media Contact: Gary Kurokawa at 527-5502

 

Friday, December 14, 2007

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