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I was going to call this thread "How DO they come up with these numbers?"
The "Market Value" listed for our property is about $100,000 less than what I see advertised in the newspaper and on realty websites. In our case, the County asserts that our property's market value went down by 8.95 percent.
On the other hand, the total "Assessed Value" increased by 9.7% (Building up, Land down).
This year's "Net Taxable Value" increased by 9.53%. The slight difference between the Assessed and Taxable values is a small increse in the owner/occupant exemption.
I noted Obie's statement in the thread about inflated property values that there is an ordinance capping increases at 3% per year. In the four years we have lived here, our property taxes have increased by about 10% per year. I wonder whether it would be worthwhile to appeal our assessment, based on this ordinance?
Don't get me wrong - compared to New York (the only other state with which I am familiar), the property taxes here are quite acceptable. I just wish I could understand how these numbers are derived, so that I could do some fiscal planning. (Or should I just plan on 10% annual increases?)
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You should check with the tax office and see if you have filed for an owner-occupied exemption. There are also some exemptions available for individuals over a certain age and for individuals with disabilities (such as blindness).
Assume the best and ask questions.
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I have owned numerous properties here during the years and still own four. I gave up long time ago on how to figure out how they assess the properties in Hawaii County. There is no logic behind it at all. Buildings are depreciated over 27 and 1/2 years on the federal level since they are worth less every year, but not in Hawaii! They actually increase in value here according to the tax office. Go figure!
I did appeal my tax assessment once a few years ago. However, before you do it, make sure you know the rules and have strong supporting evidence.
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janet,
The 3 % cap applies to properties bought before about 2004 I believe.
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Thank you, Obie. That answers one of my questions.
I guess the other,, how they come up with the numbers, will remain a mystery.
