12-30-2014, 07:52 AM
quote:
Originally posted by geochem
Let me try to explain... The property values in Puna are high because the valuations were set during the boom when many properties changed hands. There were far fewer sales in the established neighborhoods in Hilo - few sales during the boom, no reset of property values. Those who had the misfortune/poor judgement of buying during the boom, get stuck paying higher property taxes than long-time owners in Hilo.
Is it a conspiracy by the evil power-brokers in Hilo - hardly. It's useful to remember the adage: "never attribute to malice that which can be explained by stupidity (or incompetence, indifference, etc. as the case may be...)". Is the county tax office going to annually reset the property valuations on their own? No, they don't have the resources to do that - and for my money, I'm hoping that they never do have those resources...
If your valuations are higher than can be supported by sales data, then, rather than spending your time moaning about it on this forum, it's incumbent on you to provide documentation to the county that can justify a lower valuation. I encountered this situation during an earlier cycle - my neighborhood was valued during the peak of the cycle and the county maintained that valuation well after the peak had passed. I gathered comparable sales data and appealed the valuation - and they reduced my property to an appropriate value. No conspiracy, no muss, no fuss - do the work, and get it fixed.
And as for Kalakoa's one track attitude: yes, Virginia, the world is unfair - and the county and the state don't enforce all the laws on the books (and never have). Those of us who are paying attention are - or should be - very thankful for both those realities.
Actually even after sales at very high prices many Hilo properties do not have their values reset. Just spend a little time looking at values on the county tax assessment website and you see a clear pattern of undervaluing Hilo homes (including the homes of the assessors.)
I have seen homes that had been recorded to have sold for well over $350,000 that were still valued at below $100,000, before exemptions. You can only get a tear down for under $250,000 in Hilo and there have been enough sales for the county to have a good idea of the value of Hilo properties. I know they have been very aggressive about raising values in HPP and Leilani, but very slow to raise values in North and South Hilo and Hamakua. My guess is they don't want to deal with the backlash for raising values on long term residents homes in Hilo, but view HPP and Leilani as easy pickings.