The total assessed valuation of all taxable real property on Oahu has increased by 2.3% from $180.2 billion to $184.3 billion for 2013, according to Honolulu officials. The entire island is governed by the City and County of Honolulu.
The city discovered the increase as it mailed out the real property assessments for 2013.
The jump resulted from across-the-board new construction of single-family homes, condominiums, and commercial and industrial projects. Increases in value to residential properties and hotel resort properties also played a role.
Residential property gross valuations increased by 2.1% growing from $145.06 billion to $148.10 billion. Hotel and resort property values grew by 9.4%, commercial property values increased by 0.7% and industrial property values increased by 3.2%.
The net taxable or net assessed value is one of the two components used to calculate the real property taxes for next fiscal year of July 1, 2013 to June 20, 2014.
The other component is the tax rate, which will be set by the city council in June 2013, as it finalizes the budget for fiscal year 2014.
The real property tax bill of an individual property is calculated by multiplying the net assessed valuation by the appropriate tax rate and the application of any tax credits.