Property values on Oahu rose 2.3 percent over the past year, the city said today.

The increase means the City Council and incoming administration of Mayor-elect Kirk Caldwell should have more tax revenue to work with as they craft the budget for the fiscal year that begins July 1.

New developments, improvements to existing structures and increases in the values of residential and hotel resort properties were the main reasons for the overall increase, the city said in a news release.

Total gross assessed valuation of all taxable real property on Oahu was $184.4 billion, compared with $180.2 billion a year ago. Gross valuations of residential property increased 2.1 percent, to $148.1 billion from $145.1 billion.

Hotel and resort property values increased 9.4 percent, commercial property values increased 0.7 percent, and industrial property values increased 3.2 percent, the city said.

The latest tax assessments do not necessarily correspond to how much property owners will pay in taxes next year. That will be determined when the Council sets tax rates in June. For residential properties the current rate is $3.50 per $1,000 of property value.

Property tax assessments are being mailed this week to homeowners and other real property owners. Owners who do not receive their property tax assessments by the end of the year are advised to contact the Real Property Assessment Division.