Property Assessment

[jdirgo]

Just remember, owner-occupied properties cannot increase in assessed value more than 3% per year. If your homes are owner-occupied (and you bought more than a year ago) they should not be making any dramatic adjustments. KathyH, since you just bought, they may be making an "on-sale"-type adjustment this year, and next year you'll be subject to the 3% cap -- however, I'd still call them and make sure they are assessing properly.

As for not having received it yet -- don't sweat for a while. March 15th (yesterday) was the deadline for the County to mail them -- give it a while to get there. Some of us just got them early.

Another note -- if your house here is a rental and falls below the "affordable housing" rental rates, you can also file for special tax rates that the County gives to homeowners that provide "affordable housing" to renters. You have to provide a copy of the lease and fill out some forms, and its not a huge amount of money anyway, but its worth knowing. In some cases it makes sense. Hypothetical example -- you could rent for $1100 a month, but the affordable rental rate for your house is (for example) $1080. If you dropped the rent to $1075, you might save enough in taxes to more than make up for the lost $25 a month. But then your rental expenses would change and that could have income tax implications...so, its not a simple thing, but you should get the info to be informed.

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