2015 Honolulu real property assessments

The city has sent its real property assessment notices for 2015, and the total assessed valuation of all taxable real property on Oahu has increased from $200.74 billion to $214.90 billion, an overall increase of 7.1 percent. According to the city, “new developments, including residential subdivisions, condominiums, commercial and industrial projects, the construction of new buildings and improvements to existing parcels, and increases in the values of properties” all contributed to the overall increase.

Residential property gross valuations increased from $162.85 billion to $174.52 billion, or 7.2 percent. Hotel and resort property values increased 16.4 percent, commercial property values increased 4.8 percent, and industrial property values increased 3.9 percent. The 2015 assessed valuations were set as of October 1, 2014, and are based on sales of similar properties that were made through June 30, 2014.

The assessment notice is a statement of what the city has determined to be the property’s value for tax assessment purposes. This notice includes property assessment information including any exemption which the owner has been granted in accordance with city ordinance. The standard homeowner’s exemption for an owner-occupied property is $80,000 and increases to $120,000 for homeowners age 65 or older.

The net taxable value is one of two components used to calculate real property taxes for next fiscal year of July 1, 2015 to June 30, 2016. The second component is the tax rate. The tax rate will be set by the City Council during June of 2015 as it finalizes the budget for fiscal year 2016. The real property tax bill of an individual property is determined by multiplying the net taxable value by the appropriate tax rate and the application of any tax credits.

Property owners who have not received their 2015 Assessment Notice by December 31, 2014, are advised to contact the Real Property Assessment Division at:

Real Property Assessment Division
842 Bethel Street, Basement
Honolulu, HI 96813
Phone: 768-3799

Real Property Assessment Division
1000 Uluohia Street, #206
Kapolei, HI 96707
Phone: 768-3799
       
Owners who wish to dispute their real property assessment may file appeals from December 15, 2014 to January 15, 2015.  For more information, call 768-3799 or visit the Real Property Assessment Division’s (RPAD) website and click on the “Assessment Appeals” link.

In an effort to expedite the appeal process and minimize your wait time for a Board of Review hearing date, RPAD is requesting appellants to submit their evidence and supporting documentation with their appeal or shortly thereafter. If submitting separately from the appeal form, please include your name, Parcel ID (Tax Map Key), year of the appeal, contact information such as phone number, mailing address, or email address, and submit to either office. During the appeal period of December 15 through January 15, please call the appeal hotline at 768-7000 with any questions.

The RPAD website offers digital services to reduce paper and postage costs while providing more efficient service to the public. Property owners may register to receive their real property assessment notices via email, pay property taxes electronically, submit a Change of Status form, and file for home exemptions or real property tax appeals.