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Properties are assessed at fee simple market value. Assessments are intended to reflect the current market value or appraised value of comparable properties.
An important part of doing this properly requires assessors to examine recent sales of properties in their jurisdiction that are most like the assessed property.
The complex I live in recently appealed the assessment we received from the city Department of Planning and Permitting.
Our research revealed that the significantly increased assessed value had not been compared properly to recent sales of properties most like ours. A figure that could not be supported seemed to have been arbitrarily assigned to our properties.
Our negotiations with the Board of Review are ongoing and there are indications that there will be a substantial downward adjustment. We are confident that neither party will feel the need to go before the Tax Appeals Court.
Lloyd Onishenko
Waianae
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