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CITY COMPLETES 2011 REAL PROPERTY ASSESSMENTS              (Wed., Dec. 15, 2010)—The City has completed real property assessments for 2011, and the total gross assessed valuation of all taxable real property on Oahu has decreased from $178.35 billion to $178.31 billion, an overall decrease of .02 percent. This decrease was due to an overall decline in real property assessments. New developments, including residential subdivisions, condominiums, commercial and industrial projects, and construction of new buildings and improvements to existing parcels, partially offset the decrease in total property values.              The City will send approximately 290,000 real property assessment notices for 2011 to property owners this week. The 2011 assessed valuations were set as of October 1, 2010, and are based on sales of similar properties in each neighborhood through June 30, 2010.              Residential property gross valuations, increased from $143.41 billion to $143.98 billion or 0.4 percent. Hotel and resort property values increased 4.1 percent, while commercial and industrial properties dropped in value by 2.9 percent and 1.0 percent, respectively. These percentage changes represent broad totals while the change in the assessed value of a particular property could be more or less than the island-wide figures.              According to Coldwell Banker Pacific Properties, the Oahu median sales price as of October 2010 was $595,750 for single-family homes, a decrease of 1.4 percent from October 2009. The $300,000 median sales price for condominiums indicates a relatively flat market during the same time frame.             The assessment notice is not a tax bill, but a statement of what the City has determined to be the property's value. This notice includes property assessment information including any exemption which the owner has been granted in accordance with City ordinance. The standard owner-occupied homeowner's exemption is $80,000 and increases to $120,000 for homeowners 65 years of age or older.              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, 2011 to June 30, 2012. The other component is the tax rate.              The tax rate will be set by the City Council in June of 2011, as it finalizes the budget for fiscal year 2012. The real property tax bill of an individual property is determined by multiplying the net assessed valuation by the appropriate tax rate and the application of any tax credits.              Property owners who have not received their 2011 Assessment Notice by December 31, 2010, are advised to contact the Real Property Assessment Division at: Real Property Assessment Division 842 Bethel, Basement Honolulu, Hawaii 96813 Phone:  768-3799 Real Property Assessment Division 1000 Uluohia Street, #206 Kapolei, Hawaii 96707 Phone: 768-3169                     Owners who wish to dispute assessments may file appeals from December 15, 2010 to January 18, 2011. For more information, call (808) 768-3799 or visit the Real Property Assessment Division's website at www.realpropertyhonolulu.com and click the "Assessment Appeals" link.                The Real Property Assessment Division's website offers online services to reduce paper and postage costs while providing increased efficiencies. Property owners may now receive their real property assessment notices via email, and may file online for home exemptions or real property tax appeals.              Visit www.realpropertyhonolulu.com to use the division's online services and view additional information regarding tax records, exemptions, and tax billing information.              Questions regarding real property assessment may be emailed to bfsrpmailbox@honolulu.gov or directed to the Real Property Assessment Division at (808) 768-3799. -30- Media contact: Gary Kurokawa, Real Property Assessment Administrator, 768-7901