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The Honolulu Advertiser
Posted on: Tuesday, April 13, 2010

Big Island property value drops by $3 billion

Associated Press

HILO, Hawaii Hawaii County officials say the preliminary net assessed value on all taxable land and buildings on the Big Island is about $3 billion less than a year ago.

Based on its latest assessments and no change in tax rates, property tax collections are expected to fall $22 million to $193.2 million for the next fiscal year.

The largest drop occurred in the hotel and resort category. The net taxable building hotel and resort values are off more than $600 million. Land values are down another $500 million from a year ago.

Mayor Billy Kenoi has said that he'll propose higher tax rates in an amended spending request he'll give to the council next month to offset a predicted 9.6 percent decline in property values.

Information from: Hawaii Tribune-Herald, http://www.hilohawaiitribune.com