For Immediate Release: April 18, 2014
Press Release by:
Councilmember Mike White, Chair
Budget and Finance Committee (www.mauicounty.gov/committees/BF)
Committee to receive real property tax valuations for FY2015
WAILUKU, HAWAII – The Budget and Finance Committee will discuss revenue projections on the county’s largest revenue source, real property taxes, on Monday, April 21 at 9 a.m., Committee Chair Mike White announced today.
The committee received a certified list of the net taxable value of real property in the county from the Director of Finance, showing a $36.25 billion valuation, which is $2.84 billion more than last year.
The valuation is used to project real property tax revenues based on the real property tax rates in the mayor’s proposed budget.
“With property valuations increasing, taxpayers will need to pay higher property taxes, even without an increase in real property tax rates,” White said. “It’s critical the committee understand how these rising valuations will impact the County’s revenue stream before we consider increasing tax rates across the board.”
If the mayor’s proposed rates are adopted, the real property tax assessor’s certification shows real property tax revenue projections of $261 million before the circuit breaker deduction is applied, compared to $225 million in the FY 2014 budget.
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