property tax assesment increase

[mikewj]

Copy of letter sent to District 4 rep, Ashley Kierkewitz:

I live in HPP, and recently received notice of proposed increase in property taxes for next year.

My understanding is that these numbers were formulated prior to the Ainaloa eruption and the devastating property losses which followed.

I have been advised by several Real Estate professionals that sales of homes in Puna are fetching lower prices since the eruption, yet the County is seeking to raise taxes based on a fiction of increased property values.

Please take this matter under advisement and let the public know where you stand on this increased assessment. It seems that the increase in taxes is designed to cover the income shortfall which would otherwise reduce the Mayor's spendable income. To perpetuate the fiction of increased home values is disingenuous at the least, and possibly fraudulent in its intent.

Thank you for your attention to this matter. I await your reply

[BillyB]

Economics 101:
Harry has infinite wants, you have infinite resources, what could be simpler?

[Mimosa]

Ours stayed the same - conflict vet status .

[randomq]

"Ainaloa eruption"?

[mikewj]

My bad… brainfart.. substitute Leilani for Ainaloa! Nobody said getting old was easy.

[Chas]

Ours stayed the same. Lower HPP. It’s just a lot, no structures.

[terracore]

Orchidland 3-acre vacant spag lot assessments went up to ~$35k. I recognize that prices went up after the Leilani eruption (and Orchidland is booming/gentrifying in general) but I don't think either of our lots would sell for that amount. A lot opposite street of ours sold for $26k 2-3 years ago. And frankly it's a sweeter lot.

If I'm wrong or out of touch with current real estate values, hopefully somebody can correct me.

[HereOnThePrimalEdge]

terracore,
The lowest price listing is now $32,000, everything else is higher up to $150,000:

https://www.alohaliving.com/search/search/?page=3&ipp=10&idxid=HawaiiInformationService&island=3®ion=Puna&subdivision=Orchid+Land+Estates&form=LND&tenure=&minprice=0&maxprice=1316134911&minbeds=0&maxbeds=999&minbaths=0&maxbaths=999&minarea=0&maxarea=0&sorttype=price&sortdir=desc

[VancouverIslander]

Asking prices are definitely up. What would have listed for 30-40k in 2012 now lists for 60k+. After receiving our tax assessment, I contacted a real estate agent and asked what the current difference was between sales and assessment values. She responded that as long as the property is in the condition it should be in based on the data the county has, current sales varied between 10%-25% higher than assessed value.

While the eruption did cause destruction of property and lowered the valuations nearby, it also exacerbated the housing crunch and caused values to rise, especially in areas not immediately around the rift zone. I note on my assessment that the land value didn't rise much at all since we bought, but the structure valuation has risen. Our assessment was about 5% higher this year, so not a lot.

Me ka ha`aha`a,
Mike