Property Assessment

[StillHope]

My land went down $5K.Just found out that the property tax was already paid,since the previous owner paid in advance and I paid my portion during the escrow.

[missydog1]

I got my assessment today.

The property sold in July of 2006 for 340K, and even though it sold,

the assessed value for 2007 was 226.5K.
For 2008, the assessment is at 419.5.

The land went from 141.8 to to 230.8
The building went from 141.8 to 230.8.

This with no new building permits pulled since it was built in the early 90's.
I can't appeal it because I did pay more than the assessed value. I paid more because it had been totally refurbished. BUT the property tax office can't see that kind of increase in value without actually coming to the property. On paper it's the same as it ever was.

I'm not complaining that it's over-valued, I'm just pointing out there was a jump from an assessment that was far under what the property would sell for to a value that's closer if not on the money.

By the way, the Market Value and Assessed Value are listed on the notice and they're exactly the same. The market value is defined as "the price a willing buyer will pay for fee simple ownership." Which as far as I can tell is the same definition one would use in pricing real estate for sale.

Note to John Dirgo: you probably know my property because David listed it. Jeff Edwards' place. It's a great piece of property so I truly have nothing to complain of except that it's going to be hard to find the money for the new taxes!

[jdirgo]

I remember it, Jeff was a good friend of both of us.

One thing doesn't make sense.

quote:

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the assessed value for 2007 was 226.5K.
For 2008, the assessment is at 419.5.

The land went from 141.8 to to 230.8
The building went from 141.8 to 230.8.

---

Old value of land + house = 141.8 + 141.8 = 283.6 (? 226.5 ?)
New value of land + house = 230.8 + 230.8 = 461.6 (? 419.5 ?)

What am I missing?

John Dirgo, R, ABR, e-PRO
Aloha Coast Realty, LLC
808-987-9243 cell
http://www.alohacoastrealty.com

[missydog1]

um, you're missing the fact I totally screwed up the numbers because of tired eyes or something? Sorry, John!

Land figures were right. And then I copied them again for the building.

Correct numbers:
Old value of land + house = 141.8 + 84.7 = 226.5
New value of land + house = 230.8 + 188.5 = 419.3

[bystander]

Read this in today's TH.

quote:

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Despite declining Big Island real estate values, many landowners are facing higher property taxes -- some up 100 percent or more -- due to the new way Hawaii County assesses homes, stores and other buildings...

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http://www.hawaiitribune-herald.com/arti...ocal03.txt

The article says the county tax officials are "recalibrating" how they assesse.

[frankiestapleton]

I'm not real knowledgeable regarding RE but I did appeal my assessment one year and got it lowered by $4,000. But I had evidence to support my appeal, too.

There is a deadline and contact info on your assessment (which is NOT your bill) for appealing assessments. I'm not even sure the County has yet decided what the rate per $1,000 assessment will be this year..Johns Dirgo and Rabi, do you know? But I do know the assessments take into account the recent sales of similar properties in your neighborhood. Just FYI.

Being European originally, I can't believe how cheap our taxes are, and how much people complain about them. But I say that with great affection for you all!

Malama pono, Frankie

[John S. Rabi]

The assessement per $1,000 assessed value is different for every category and has not been changed. There is a new category for those who provide affordable rentals but the COH did not release that figure yet. There are lots of tax benefits available and I don't think enough people take advantage of them, especially in the AG category. (You can buy the three goats from Pam for $100, put them on your lot, and suddenly you are in the "Confined Animals - Ag Use" category instead of the $8.10/$1,000 Assessed Value category. You can further lower your tax rate by 50% by doing a "20 Yr. Dedication" within the same category.)

Aloha,
John S. Rabi ABR,CM,CRB,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"

[jdirgo]

Carolann -- the County (at least as of a month or so ago when the MLS last updated) still had your Arizona address on it. Be sure to update it so that you get any property tax notices, etc.

John Dirgo, R, ABR, e-PRO
Aloha Coast Realty, LLC
808-987-9243 cell
http://www.alohacoastrealty.com

[mella l]

Our assessment 1 acre Eden Roc when from $25,000 to $15,000! Nice! We pay our taxes, but our spayed and neutered older cats are forbidden! Sh-t happens! And the sun will rise tomorrow!

mella l

[dirk1609]

THIS DOESNT MAKE ANY SENSE.
THERE IS A LAW STATING IT CAN ONLY GO UP 3% YET SOME POEPLE HAD 100% INCREASES?

AM I TOTALY MISSING SOMETHING HERE?


HERE IS MY POST POSTED ON ANOTHER THREAD ON PUNA WEB.

The best part about this non sexual RAPE is the $15.00 that we must pay to appeal. Our basic tiny 700sf home, riddled with termite damage, went from $57,900 to $96,800 in one year. Its nice to know that the low income do not have the right to Appeal. $15.00 to some is a decent amount of money, especially when it might be for nothing, and you get to drive somewhere at 4.00 a gal to appeal your case. Many can not afford that so they don't get the right to appeal. Maybe a call to the police dept should be met with a basic $5.00 charge, keep the low income unprotected as well. Boy Hawaii is really working to be a rich gated community. With the dynamic duo of Helco and The County of Hawaii, these islands will become the most elite neighborhoods in the world with only the very rich living here. The odd thing about that is there will be no one left to work the jobs that the rich are not working. Times like this I wish my home was UNPERMITTED.

Make the call to The County of Hawaii and complain. I managed to get a small amount of the value taken off my home with that phone call. I could still build two nicer homes, up to current code, for what they value it at but I don't want to waste $15.00 to the gov process. Or we can all just roll over and accept the non sexual RAPE. Be sure to thank them when you send in your check.