Land's assessed valuation increase

[Bryce A.]

Wasn't there a newly devised tax scheme that created a distinction between resident and non-resident status just awhile back? Maybe those of you that are still off-island are suffering the results of that difference?
-BA

[JerryCarr]

Well, here we are at the point where the speculative upsurge in real estate values hits ordinary folks. There is a differentiation in tax rates charged for owner occupied vs. non-owner occupied homes, as well as a homestead exemption, but I don't know about any such deal for land without houses. David D. did not say if he is resident in his Big Island home, or not. If he is, we are all in for a bad ride. Politically, the County Council has not yet been confronted with angry tax-payers. Honolulu is another story, however. There have been a number of stories about people there being confronted with confiscatory tax bills. So far, the relatively recently elected Mayor Hanneman has resisted the efforts of several council members to meaningfully roll back taxes, saying that Honolulu needs a "rainy day fund." He is far enough away from re-election to apparently think he can get away with it. It will be interesting to see what the guys in Hilo do when their constituents go ballistic. I have not yet received my bill, so have no personal story . . . yet.

Aloha to all,
Jerry

[Scott_S]

My lot in HA went up 4.5 times. There are only a few lots there selling for that kind of money. Scott

[loffelkopffl]

the people who are getting stung by the new assessments appear to be the "raw" land owners and the off island owners. i just recieved my new assessment and after my homeowners deduction of $57300 my taxes are only going up $33, not bad at all considering. however one of our undeveloped lots went up $16000 from last year and the taxes on it will be more than the one with my home on it(since theres no exemption). but in my opinion this might be a good thing??aloha

[JerryCarr]

Just opened yesterday's mail, and there was the property tax assessment. The total assessment on the property was up 47% over last year, and a big majority of that was in the land component. This is the only place I have ever lived where they separate land and structure values. Wow. I can afford it all, thanks to the generous exemption for owner occupants, but I am sure there are people wondering how they are going to pay. The County seems to have managed to do their assessments at the peak of the recent speculative run-up. Hopefully someone will do an overview/analysis of this in one of the local newspapers. Any freelancers out there with the urge to report on this?

[Aaron S]

My parents lots valuation in Discovery Harbour
went from 37,000 to 84,000 per lot.

[mella l]

We aren't on island yet, hope to be by June. I do not mind paying a fair share of taxes either, however I think it should be tied to the face value we paid for the lot and not someones imagination. We pay taxes on gas, food medicine on the actual price not what people hope will be next weeks pricing. As far as yearly increases, even in tax heavy CA the property tax increases in assessment is limited to 1 percent yearly. So go figure. Mella L

mella l

[jdirgo]

One of my Kapoho Vacationland lots went from a 20,000 assessment to over 70,000 this year. Quite the incentive to build my house there and move into it to get the "primary residence" exemption...

John Dirgo, RA, ABR, e-PRO
RE/MAX Properties
808-987-9243 cell

[lkrider]

Thanks Carey and all for the info. What is the "primary residence exemption?" Is the assessed value taxed at a lower rate if you are living in a house on the property? We'll be there eventually...

Linda in CO

[Hotzcatz]

Wasn't there a law put in place in the last legislature or so about the maximum amount the property tax can go up? Something like 3% per year or so? They may be raising the taxes as high as they can now since they will be limited to raising it more than 3% per year after this year?

I don't remember the specifics of this, and actually, I had thought they had put that in place LAST year, but from the looks of it, I guess not. Anybody have any information about anything like this?