Homeowners in Honolulu should be prepared for higher property taxes as real property assessments are set to be mailed out soon with increased valuations. The city has reported a 2.6% increase in residential property values on Oahu, with the Leeward side experiencing the highest jump at 7.7%.
According to Honolulu City Councilmember Andria Tupola, this is a trend that has been seen for multiple years, with the North Shore and now the Leeward side seeing significant increases in property values. While this can be positive for homeowners in terms of building equity, it also means higher taxes.
Director Andy Kawano of Honolulu Budget and Fiscal Services explained that the increase in property values is due to the demand for properties in more affordable areas like Leeward Oahu. This can be challenging for residents who may not have prepared for the higher taxes that come with increased property values.
Tupola emphasized the importance of homeowners applying for a homeowners exemption to receive a slight tax break. She also encouraged homeowners to appeal if they feel their property assessment is inaccurate.
Overall, the increase in property values in Honolulu is a mixed blessing for homeowners, offering the potential for equity growth but also leading to higher tax bills. Residents are advised to prepare for potential tax increases and take advantage of opportunities for tax relief where possible.
Source
Photo credit www.khon2.com