2009 Kauai Condo Assessments

Aloha,

If you've been wondering how and why the land portion of your condo assessment has increased, it's because of a new approach in valuation by the assessor's office. Per today's Garden Island Newspaper article "New value allocation approach applied to Kaua‘i condominiums" the real property assessors visted all the condo projects throughout the Island and determined that "allocation of values between building and land for these properties needed to take into account differences in view plains and location within each project to better mirror their market values, per a county news release."

"Assessments of individual condominiums may have increased, decreased or remained level in comparison to their 2008 values, depending on supporting market data and any relevant changes made to more accurately characterize views and locations," Finance Director Wallace Rezentes Jr. said in the release. "In as much as land tax rates are presently lower than building tax rates, we feel that we have achieved the overall goal of having a more accurate and equitable distribution of the total assessment between land and building for this class of property."

"The total assessed value of a condominium unit was calculated using the final price per square foot multiplied by the gross living area. Adjustments in the price per square foot were made for differences in unit size, view, location and date of sale.

In determining land values, the following allocation table was devised for condominium projects:

• One-story condominium, 40 percent of the total assessed value

• Two-story condominium, 35 percent

• Three- to six-story condominium, 30 percent

• Seven- to 10-story condominium, 25 percent

• 11-story or higher condominium, 20 percent

Factors that were also taken into consideration for the 2009 tax year include:

• Active listings not subject to distress situations were utilized as collateral data.

• Listings were viewed as ceiling values as well as market trend indicators, especially in instances where the listing price was lower than the most recent prior sale prices.

• Short sales, real estate owned properties and foreclosures were regarded as indicators of liquidation value rather than market value."

For more information on real property taxes, visit www.kauaipropertytax.com or call 241-6222 or click here to visit the tax page of the Kauai government website.

Aloha Elaine

Queen's Bath Coastline

Elaine Schaefer (R, CRS, GRI, ABR)
Broker in Charge - Princeville Resort Office
Certified Residential Specialist
Graduate, Realtor's Institute
Accredited Buyer's Representative
Top Producer 100% Club

RE/MAX Kauai
Princeville Resort Office
POB 223632
Princeville, HI 96722
cell: 808 639 2935
home fax: 1 808 440 4552
email:soldonkauai@yahoo.com
website: www.kauairealestatenow.com
blog: www.blogs.alohaliving.com/princeville-condo-sales

......you can have your own piece of paradise
ask me how!