Honolulu Homeowners: Property Assessments Are Coming Soon
Values increased 0.3% on average across Oahu, far less than the 13.3% average increase last year.
The City and County of Honolulu will begin delivering property assessments to property owners this week, the Department of Budget and Fiscal Services said in a press release issued Monday.
These assessments will determine how much each individual property owner will have to pay in property taxes next year.
While Honolulu鈥檚 property tax rate is one of the nation鈥檚 lowest, home values here are some of the nation鈥檚 highest.
Assessments skyrocketed last year, surprising many homeowners with an average increase of over 13% across Oahu and over 20% on the North Shore.
This year things are different. Values increased slower on average, and in many areas even dropped. The island鈥檚 average assessment increase this year is 0.3%.
According to the press release, the only areas that experienced average increases were along the South Shore, between Salt Lake and East Honolulu. Urban Honolulu saw the highest increases of property value, at 5% on average.
Property taxes represent about half of the city鈥檚 revenue. But while they are crucial for funding city services, lawmakers are also wary of burdening taxpayers too much.
Earlier this year, lawmakers passed two bills that offered property owners quick relief in the forms of higher exemptions and a higher income-based threshold, allowing more people to receive relief. Homeowners also received a $350 tax credit that was included in the city budget passed in June.
Distribution of the updated assessments will begin by the end of this week, according to the press release.
