Tax & Accounting News

Oahu Homeowners Appalled By Skyrocketing Property Values, Taxes

Oahu Homeowners Appalled By Skyrocketing Property Values, Taxes

Homeowners on the island of Oahu, Hawaii are appalled by property values -- and property taxes -- that have recently skyrocketed.

Credit: Naomi Rahim/Getty Images

According to a new report from Honolulu's Hawaii News Now, many residents who live in the popular tourist destination saw their property value assessments rise 20% to 30% in a single year. 

One property owner, retiree Connie Irwin spoke to the channel, saying, “You know, I was mad. I was angry that this is just an arbitrary number. It went up almost $800,000 in one year."

She continued, "We’ll probably squeeze by this year ... but if it goes up next year, and the next year, we’re out.”

The Irwins property value soared nearly $800,000 dollars, from $2,585,000 last year to $3,337,000. 

Another resident, Philip Brouillet, told reporters that he doesn't expect his Millani Mauka property to remain stagnant but he is floored by such a massive increase, “I understand everybody’s prices go up ― maybe even 10%. But 26%?” 

Credit: Mint Images/Getty Images

Honolulu Mayor Rick Blangiardi has also weighed in on the situation, noting that he believes it was an "aberration" due to the fact that home sales in the state exceeded $10 billion for the first time. 

Blangiardi said local government is committed to handling increased property taxes "as responsibly and as thoroughly as we possibly can."

A one-time tax credit or exemption is one option that is currently on the table, though nothing has been approved. 

Final tax bills will not be approved until March 2023. 

The residential property tax rate on Oahu (Honolulu County) is currently set at  0.35% of assessed value (or $3.50 per $1000 of the net taxable real property value).

What do you think about skyrocketing property values in Hawaii?

You Might Also Enjoy:

Feature Image Credit: EJS9/Getty Images

share this post
Search for matches...
Rebekah Barton

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

Recommended Professionals

In the face of economic uncertainty, TaxBuzz is the industry's most up-to-date tax information.

Join 60,000 who get our weekly newsletter. No spam.

Need help selecting a firm?

Use our specialized search engine and get matched to the best accounting and tax firm for your needs.

Related Posts

Latest Posts