Home values are continuing to rise with Oahu seeing an average increase of 10% over the past year. While this rise brings good news to many homeowners, it also brings some uneasiness as to how this will affect property taxes.
[quote_left]Oahu saw an average increase of 10%[/quote_left]
When budgeting for the new year, keep in mind that for every $1,000 in assessed value, you will pay approximately $3.50 in property tax. This means that for many there will be a slight increase property taxes for the new year.
However, as Mayor Caldwell reminded us,
“An increase in value is a positive thing. It does mean they have to pay a little more in property taxes but there is also the benefit that they have a home that is increasing in value.”
Full story at Hawaii News Now
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