Friday, May 14, 2010

Hawaii Kai Non-occupant Owner Taxes may Increase

The Honolulu Advertiser reports that the "City Council moved another step toward a budget that raises the property tax on non-occupant homeowners, but promised to look for ways to minimize the increase before a final vote." Council members voted 9-0 for the operating budget, in the 2nd of 3 needed approvals. The non-occupant homeowners class is the only one to be given a rate increase in the budget.

The Advertiser also noted, "The council kept in the budget a proposal to boost property taxes on non-occupant homeowners to $3.72 per $1,000 of home value, up from $3.42. The tax increase, which was part of Mayor Mufi Hannemann's budget proposal, adds about $18 million to city coffers."

Bill 15(10) will go back to the Council Budget Committee on May 24, and then to the full council for a final vote on June 9. The new budget year begins July 1. Properties in the owner-occupant category will still be assessed $3.42 per $1,000, as they are this year.

If you own investment property in Hawaii Kai, and have an opinion on this tax increase, now is the time to contact your Council member.

Barbara Abe, Realtor

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