Posted at 5:24 p.m., Thursday, December 15, 2005
O'ahu property values soar
Advertiser Staff
The assessed value of property on O'ahu increased 25.9 percent this year, meaning that many O'ahu homeowners could end up paying higher property tax bills unless property tax rates are reduced.The city put a value of $166.2 billion on O'ahu property for 2006.
Owners of 273,550 parcels of real estate on O'ahu will begin receiving their 2006 real property assessment notices this week. Because of rising real estate prices, the assessed valuation for most parcels will be higher than in previous years, the city said.
Construction of new homes and improvements to existing ones also drive total assessed valuations higher.
Hotel and resort property values increased by 22.6 percent, while commercial and industrial properties rose in value by 13.8 percent and 11.5 percent, respectively.
An assessment notice is not a tax bill, but simply a statement of what the city has determined to be your property's value.
