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Keeping Families Housed

I will propose that property taxes should not rise infinitely with the rising cost of homes in Hawaii and the administration should have public hearings to disclose how much revenue was increased and if tax rates should be adjusted.

Background

  • In 2021-2022 roughly $1.45B was raised in Honolulu City and County property tax income and 60% or $870 million was from residential taxes. It is estimated that $1.5B will be collected in 2022- 2023.
  • Property taxes in all categories are the primary source of revenue for the city and the residential property taxes bring in more revenue when property valuations rise and less revenue when property valuations decrease.
  • There is no broad public disclosure of residential property tax revenue increases from year to year leaving the general public in the dark about whether tax rates should be lowered.

Need

  • There needs to be a fair way of calculating property taxes because rising home valuations are out of the homeowners’ control.
  • As the cost of living rises in Hawaii is it impossible to keep up with unknown property tax increases due to the rise in home valuation.
  • We need to provide stability in local family budgeting by not having to guess how much higher their property taxes will be every year.

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