Understanding Your Oahu Real Property Assessment Notice

Real property assessment notices for 2024 will be hitting mailboxes soon, and if you've got questions, you're not alone. Below are answers to the most common questions Oahu homeowners have about how real property assessments are determined, how to appeal your home's assessment and more.

What is a Real Property Assessment Notice?

First things first: The assessment is a notice, not a bill. The City and County of Honolulu's Department of Budget and Fiscal Services Real Property Assessment Division sends property assessments every year on December 15. The notice provides the property’s ID/tax map key, assessed value, tax classification, applied exemption amount, applicable special assessment and net taxable value. 

The net taxable value is taxed per $1,000 of the value at the property’s applicable classification tax rate, which will be set by the City Council in June 2024. The first tax bill for the tax year will be sent in July 2024. View the current property tax rates by class.

The City and County made a video that explains the real property assessment notice, how to file an appeal and the four reasons, or grounds, for appeal.

How is My Home's Value Determined?

Assessed values for 2024 are based on the home's value as of Oct. 1, 2023, and are calculated based on sales of similar properties through June 30, 2023. 

For Oahu overall, there was a slight increase in taxable gross valuations for residential properties compared to last year. In town, valuations increased by 2.3 percent in West Honolulu (Kalihi to Salt Lake), by 5 percent in Urban Honolulu and are essentially flat in East Honolulu (Diamond Head to Hawaii Kai). Valuations are lower in every zone outside of Honolulu (source).

How Do I Appeal My Home's Assessed Value?

If you disagree with the assessed value of your home, you can file an appeal. The most common grounds for appeal is disagreement with the assessed value. If you believe that your property's assessed value is more than 10% higher than the property's actual market value—and you can back up your claim— then you may have grounds for an appeal. You can get an instant estimate of your home's value using the Locations Home Valuator. For a complimentary market valuation, contact your Locations agent. Don't have an agent? Call (808) 377-4642 and we'll connect you with an experienced agent who can assist you with determining your home's value. The appeal period is from December 15, 2023, to January 15, 2024.

There are several ways property owners can file an appeal:

• File online at realpropertyhonolulu.com by 11:59 p.m., Jan. 15, 2024.
• Call the Appeal Hotline at 808-768-7000, Monday through Friday, 7:45 a.m. to 4:30 p.m., until Jan. 12, 2024.
• Mail your appeal—be sure it's postmarked on or before Jan. 13, 2024.
• Hand-deliver your appeal by 4:30 p.m., Jan. 12, 2024.

Note: A $50 deposit is required for each appeal. Checks can be made out to the City and County of Honolulu. If you'd like to receive a receipted copy of your appeal, include a self-addressed stamped envelope with your appeal application.

If you have questions about your assessment or the appeals process, you can email bfsrpmailbox@honolulu.gov until Jan. 15, 2024; however, appeals cannot be filed via email (or fax).

How Can I Lower My Property Tax?

Aside from appealing your property's assessed value, there are a few other ways you could potentially lower your property taxes.

First, if you live in the property you own, be sure to file your homeowner exemption if you haven't done so already.

If you own investment properties, classified as "Residential A," note that there are two tiers that are taxed at different rates. If your investment property is valued at more than $1M (Tier 2), you may want to consider using a 1031 exchange to reinvest in two or more properties that fall into Tier 1 and are therefore taxed at a lower rate. Talk to your Locations agent or attend one of our seminars for real estate investors to learn more.

Where Are the Offices of the Real Property Assessment Division Located?

There are two offices of the Real Property Assessment Division on Oahu:

1. Real Property Assessment Division, 842 Bethel Street, Basement, Honolulu, HI 96813
2. Real Property Assessment Division, 1000 Uluʻōhiʻa Street, #206, Kapolei, HI 96707

Where Can I Find Out More About My Property Assessment?

If you have questions about your 2024 Oahu property assessment, or you haven't received an assessment notice by December 31, 2023, you can visit realpropertyhonolulu.com or call (808) 768-7000.

Finally, if you still have questions about your 2024 property assessment for your Oahu home, don't hesitate to contact your Locations agent for further assistance. We're here to help!