Updated at 2:51 p.m., Friday, December 14, 2007
Oahu property tax valuations decrease
Advertiser Staff
The total assessed value of real property on O'ahu has slightly decreased, meaning many owners could see lower tax bills next year — unless tax rates are raised.The value of all property on the island slid from $191.5 billion to $190.7 billion, or 0.4 percent, according to Honolulu officials.
The city began mailing out assessment notices today.
The value of existing homes decreased by 2.7 percent, and values for hotels and resorts went down by 4.9 percent.
Commercial and industrial properties rose in value by four percent and two percent, respectively.
The valuations were set as of Oct. 1, and are based on sales of similar properties in each neighborhood through June 30.
New construction partially offset the decrease in residential property values. Sales prices continued to climb this year, but the market has generally softened after years of skyrocketing values.
The median sales price for single-family homes at the end of September was $648,000, compared to $634,000 for the full 2006 year, an increase of 2.2 percent, according to the Honolulu Board of Realtors.
The median sales price for condominiums as of September was $325,000, compared to $310,000 for the full 2006 year, an increase of 4.8 percent, according to the board.
The amount of an owner's tax bill is determined by multiplying the assessed value by the tax rate for that category of property. Tax rates are set by the City Council in May.
Owners who want to challenge their assessments have until Jan. 15, 2008 to file an appeal with the city's Board of Review or the state Tax Appeal Court.
