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2010 PROPERTY ASSESSMENTS COMPLETED
More than 284,000
The total gross assessed valuation of all taxable real property on
Residential property gross valuations, both Homeowner and Non-homeowner, decreased from $155.3 billion to $143.4 billion or 7.7 percent. Excluding new parcels and additions/alterations to existing parcels, the total gross valuations of all residential valuations decreased by $14.2 billion or 9.1 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. However, the assessed valuation for most, but not all, residential parcels will be lower compared to previous years.
The new assessed valuations were set as of October 1, 2009, and are based on sales of similar properties in each neighborhood through June 30, 2009. The 2009 median sales price (Honolulu Board of Realtors data) paid for
Excluding new parcels and additions/alterations to existing parcels, hotel and resort property values decreased 13.2 percent, while commercial and industrial properties dropped in value by 1.9 percent and 3.6 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. Deduct any exemption from the assessed valuation to obtain your property’s net assessed value. That net assessed value plays a major role in determining the amount of property tax you will owe the City for the next fiscal year (July 1, 2010 to June 30, 2011). The actual amount of an individual property owner’s tax bill is determined by multiplying the net assessed valuation by the appropriate tax rate and then applying tax credits, if applicable. The tax rate is set by the City Council in June of 2010, as it finalizes the budget for fiscal year 2011.
If you wish to appeal your assessment, the deadline to file is January 15, 2010.
Property owners who have not received their 2010 Assessment Notice by December 31, 2009, are advised to contact the Real Property Assessment Division at:
Phone: 768-3799 Phone: 768-3169
ON LINE SERVICES
As part of the City’s ongoing efforts to reduce paper and postage costs and provide increased efficiencies, the Real Property Assessment Division’s website (www.realpropertyhonolulu.com) provides online features including registering to receive your real property assessment notice via email, filing for your home exemption, and filing your real property tax appeal.
Eligible homeowners may file their home exemption claim online for the 2011-2012 tax year, prior to the September 30, 2010 deadline. Property owners may also file an appeal online to the Board of Review for the 2010-2011 tax year, from December 15, 2009 to January 15, 2010. Real property information regarding the new assessed values and exemptions, as well as tax billing information, is available at https://www.realpropertyhonolulu.com, and you may email the Real Property Assessment Division with questions concerning your assessment notice at email@example.com.
### Media Contact: Gary Kurokawa at 768-7901