|You are here: Main / Customer Services / Public Communications Division / 2011 / 12/15/11 2012 Oahu Real Property Assessments Released|
2012 OAHU REAL PROPERTY ASSESSMENTS RELEASED
(Wed., Dec. 15, 2011)—The total gross assessed valuation of all taxable real property on Oahu has increased from $178.26 billion to $180.15 billion, an overall increase of 1.01 percent, and the City has mailed real property assessments for 2012. New developments, including residential subdivisions, condominiums, commercial and industrial projects, and construction of new buildings and improvements to existing parcels, were the primary contributing factors for the overall increase.
Residential property gross valuations increased from $144.02 billion to $145.05 billion or 0.7 percent. Hotel and resort property values increased 2.7 percent; commercial property values increased 4.4 percent while industrial property values dropped .5 percent. These percentage changes represent broad totals while the change in the assessed value of a particular property could be more or less than the island-wide figures.
The City sent approximately 290,000 real property assessment notices for 2012 to property owners this week. The 2012 assessed valuations were set as of October 1, 2011, and are based on sales of similar properties in each neighborhood through June 30, 2011.
The assessment notice is not a tax bill, but a statement of what the City has determined to be the property’s value. This notice includes property assessment information, including any exemption which the owner has been granted in accordance with a City ordinance. The standard owner-occupied homeowner’s exemption is $80,000 and increases to $120,000 for homeowners 65 years of age or older.
The net taxable or net assessed value is one of the two components used to calculate the real property taxes for next fiscal year of July 1, 2012 to June 30, 2013. The other component is the tax rate. The tax rate will be set by the City Council during June of 2012, as it finalizes the City budget for fiscal year 2013. The real property tax bill of an individual property is determined by multiplying the net assessed valuation by the appropriate tax rate and the application of any tax credits.
Property owners who have not received their 2012 Assessment Notice by
December 31, 2011, are advised to contact the Real Property Assessment Division at:
Owners who wish to dispute their real property assessments may file appeals from December 15, 2011 to January 17, 2012. For more information, call (808) 768-3799 or visit the Real Property Assessment Division’s website at www.realpropertyhonolulu.com and click the “Assessment Appeals” link.
The Real Property Assessment Division’s website offers online services to reduce paper and postage costs while providing increased efficiencies. Property owners may now receive their real property assessment notices via email, and may file online for home exemptions or real property tax appeals.
Visit www.realpropertyhonolulu.com to use the division’s online services and view additional information regarding tax records, exemptions, and tax billing information.
Questions regarding real property assessment may be directed to the Real Property Assessment Division at (808) 768-3799 or emailed to email@example.com .
Media contact: Gary Kurokawa, Real Property Assessment Administrator, 768-7901