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December 13, 2013
Contact: Real Property Assessment Division, 768-3799
City mails 2014 real property assessments
The City has prepared the real property assessment notices for 2014, and the total assessed valuation of all taxable real property on Oahu has increased from $184.34 billion to $200.59 billion, an overall increase of 8.8 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 properties were contributing factors for the overall increase.
Residential property gross valuations increased from $148.10 billion to $162.76 billion, or by 9.9 percent. Hotel and resort property values increased 6.4 percent, commercial property values increased 5.9 percent, and industrial property values increased 2.4 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. (See valuations map here.)
The City will send approximately 293,000 real property assessments for 2014 to property owners this week. The 2014 assessed valuations were set as of October 1, 2013, and are based on sales of similar properties through June 30, 2013.
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 value is one of the two components used to calculate the real property taxes for next fiscal year of July 1, 2014 to June 30, 2015. The other component is the tax rate. The tax rate will be set by the City Council during June of 2014, as it finalizes the budget for fiscal year 2015. The real property tax bill of an individual property is determined by multiplying the net taxable value by the appropriate tax rate and the application of any tax credits.
Property owners who have not received their 2014 Assessment Notice by December 31, 2013, are advised to contact the Real Property Assessment Division at:
Real Property Assessment Division
842 Bethel Street, Basement
Honolulu, HI 96813
Phone: (808) 768-3799
Real Property Assessment Division
1000 Uluohia Street, #206
Kapolei, HI 96707
Phone: (808) 768-3169
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 register to receive their real property assessment notices via email, pay property taxes electronically, submit a Change of Status form and file online for home exemptions or real property tax appeals.
Visit www.honolulupropertytax.com to use the division's online services to search and view additional information regarding tax records, exemptions, and tax billing information.
Questions regarding real property assessments may be directed to the Real Property Assessment Division at (808) 768-3799 or emailed to email@example.com .
Below is a statement by Mayor Kirk Caldwell:
“This year’s real property assessments are a reminder that Oahu’s economy is improving and real estate values are up,” said Mayor Kirk Caldwell. “The increase in Oahu property values will help us narrow the budget shortfall but will not solve it. We will not know exactly how much additional revenue the city will receive until appeals are concluded on February 1. Even in the best case scenario, we will still need to find cuts and revenue enhancements to minimize the budget shortfall’s impact on taxpayers while improving core city services.
“Residential valuations increased this year by 9.9 percent, but that does not mean your property assessment is going up that much. A portion of that increase was generated by new developments and additions around town which increased inventory. In other words, new buildings that didn’t exist last year are boosting the total. Some parts of the island saw a double digit increase in property values while other areas barely increased.
“The assessments are in the mail. If you don’t get your by the end of the year, please call the Real Property Assessment Division at 768-3799 or visit honolulupropertytax.com.”
Media contact: Robert Magota, Acting Real Property Assessment Administrator, (808) 768-7902