City: Valuation of Oahu residential properties up 5.1 percent - Hawaii News Now - KGMB and KHNL

City: Valuation of Oahu residential properties up 5.1 percent

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HONOLULU (HawaiiNewsNow) -

Homeowners: Among the Christmas cards and holiday packages, expect to get something sobering in the mail this week.

The city has started sending out real property assessments for 2016, and – no surprise – they’re higher than in 2015.

How much higher depends on where you live.

The gross valuation for all residential property on Oahu was put at $183.36 billion, a 5.1 percent increase from 2015.

Some communities saw larger spikes in valuation, while others had smaller ones.

Valuations in Windward Oahu jumped the most -- at 8.4 percent – while valuations in Leeward Oahu rose 8.1 percent.

East Honolulu saw the smallest increase, at 1.4 percent.

The assessed valuations were set as of October, and are based on sales of similar properties through June 30.

The assessment is what the city thinks your home is worth for tax purposes.

The standard homeowner’s exemption for an owner-occupied property is $80,000, and increases to $120,000 when the homeowner reaches 65.

While residential valuations rose 5.1 percent, hotel and resort property values jumped 14.6 percent, commercial property value went up 10.4 percent and industrial property values increased 7.3 percent.

The gross valuation of all taxable property was a whopping $227.9 billion.

For more information or to see your assessment online, go to www.realpropertyhonolulu.com.

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