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(Fri., Dec. 14, 2012)—The City has processed the real property assessment notices for 2013, and the total assessed valuation of all taxable real property on Oahu has increased from $180.22 billion to $184.36 billion, an overall increase of 2.3 percent. New developments, including residential subdivisions, condominiums, commercial and industrial projects, and construction of new buildings and improvements to existing parcels, and increases in the values of residential and hotel resort properties were primary contributing factors for the overall increase.
Residential property gross valuations increased from $145.06 billion to $148.10 billion, or by 2.1 percent. Hotel and resort property values increased 9.4 percent, commercial property values increased 0.7 percent, and industrial property values increased 3.2 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 will send approximately 290,000 real property assessment notices for 2013 to property owners this week. The 2013 assessed valuations were set as of October 1, 2012, and are based on sales of similar properties in each neighborhood through June 30, 2012.
The assessment notice is not a tax bill, but a statement of what the City has determined to be the property’s value for tax assessment purposes. This notice includes property assessment information including any exemption which the owner has been granted in accordance with City ordinance. The standard homeowner’s exemption for an owner-occupied property is $80,000 and increases to $120,000 when the homeowner reaches age 65 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, 2013 to June 20, 2014. The other component is the tax rate. The tax rate will be set by the City Council during June of 2013, as it finalizes the budget for fiscal year 2014. 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 2013 Assessment Notice by December 31, 2012, are advised to contact the Real Property Assessment Division at:
Real Property Assessment Division
Honolulu, HI 96813
Phone: (808) 768-3799
Real Property Assessment Division
Kapolei, HI 96707
Phone: (808) 768-3169
Owners who wish to dispute their real property assessments may file appeals from December 15, 2012 to January 15, 2013. For more information, call (808) 768-3799 or visit the Real Property Assessment Division’s website at www.realpropertyhonolulu.com and click on the “Assessment Appeals” link.
The Real Property Assessment Division’s website offers online services to reduce paper and postage costs while providing more efficient service to the public. Property owners may now receive their real property assessment notices via email, pay property taxes electronically, and view tax information online. Our website may also be utilized to submit a Change of
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, (808) 768-7901.