Big Island property value drops by $3 billion
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