07-14-2009, 03:30 PM
What does Hawaii State and County law say about assessment valuation? Here on the mainland, our 2009 property taxes rose slightly due to the way assessed values are determined. Tax year 2009 is based on valuations established in 2008 based on 2007 base rate. So if the market suddenly rebounded tomorrow and went up to 2003-2005 levels, for the next 2 years we'll be assessed the same tax as this year or more likely we'll get a decrease because it's a two year lag. What's Hawaii's method? Was your property subject to recalibration?