Property values on Oahu were slightly up over the past year, driven largely by new development, such as residential subdivisions, condominiums, commercial and industrial projects and other construction, the city administration said today.
Overall, total gross assessed valuation of all taxable real property on Oahu was $180.15 billion, an overall increase of 1 percent from $178.26 billion a year ago.
The latest tax assessments do not necessarily mean property owners will pay the same amount in taxes next year. That will be determined when the City Council sets tax rates in June.
This past year, the council adopted a single rate for all residential property at $3.50 per $1,000 of property value.
The change resulted in an 8-cent increase from $3.42 for property owners who live in their structure, and an 8-cent decrease from $3.58 for so-called nonoccupant homeowners.
The change to a single rate for all homeowners reversed a previous move to establish a separate "homeowner" class that was pushed by the previous administration. The separate class was seen as a way to increase revenue from speculators and investors who own property but do not live in Hawaii.
Residential property gross valuations increased 0.7 percent, to $145.05 billion from $144.02 billion, the city said. The largest increase was in property tax zone 3, in East Oahu, where property values were up 2 percent from the previous year. The largest dip was the zone 8, along Leeward Oahu, where values were down 3.4 percent.
Hotel and resort property values increased 2.7 percent; commercial property values increased 4.4 percent while industrial property values dropped 0.5 percent, the city said.