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Honolulu Mayor Kirk Caldwell today introduced a $2.1 billion operating budget for next year, $77 million more than the current year.
Caldwell also introduced a $640 million capital improvement budget for the yeart that begins July 1.
The plan calls for higher tax rates for the new Residential A tax classification made up of those with homes valued at $1 million or more, as well as for hotels and resorts.
Those homeowners who live in their houses and receive a homeowner’s exemption, would not see an increase in rates, although they may see higher higher tax bills if their property values have risen.
