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2010 PROPERTY ASSESSMENTS COMPLETED 

 

More than 284,000 Oahu property owners will receive their 2010 real property assessment notices this week.

The total gross assessed valuation of all taxable real property on Oahu decreased from $191.2 billion to $178.3 billion, an overall decrease of 6.7 percent.  The decrease is due to an overall decline in all real property assessments.  Excluding new parcels and additions/alterations to existing parcels, the total gross valuations decreased by $16 billion or 8.4 percent.   New developments (1820 new parcels), including residential subdivisions, condominiums, commercial and industrial projects, and construction of new buildings and improvements to existing ones, totaled $3.3 billion and served to partially offset the decrease in total property values.

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 Oahu properties in the first nine months of 2009 was $575,000 for single-family homes and $300,000 for condominiums, representing decreases of 8.0 percent and 7.7 percent respectively.

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:

33 South King Street, #101         or  1000 Uluohia Street, #206

Honolulu, Hawaii 96813                   Kapolei, Hawaii 96707         

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 bfsrpmailbox@honolulu.gov.

 

### Media Contact: Gary Kurokawa at 768-7901