Property Values Take a Hit

The value of Oahu property declined this year. The city and county of Honolulu, which governs the entire island, mailed tax assessment notices this week, and officials say total gross assessed valuation of all taxable real property on Oahu decreased from $191.2 billion to $178.3 billion, an overall decrease of 6.7%.

Excluding new parcels and changes to existing parcels, the total gross valuations decreased by $16 billion, or 8.4%.

Property tax revenues account for about two-thirds of Honolulu's general fund revenue, according to a recent official statement. The assessment will affect tax bills for fiscal 2011, which does not begin until July.

The City Council is not expected to set tax rates until closer to the beginning of the budget year.

Honolulu's general obligation bond ratings were affirmed at the double-A level by all three major ratings agencies in November.

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