Maximize Your Savings: How to Successfully Appeal Your Property Assessment in Hawaii Kai

Learn how to appeal your property assessment and saving big on your annual tax payments. I’m here to guide you through the process and share success stories from satisfied homeowners who’ve successfully lowered their assessments.

Assessment Appeal Success Stories

Last week, a lady on Mariner’s Ridge came to my home to deliver a very nice bottle of red wine and a thank you note, thanking me for helping her with her appeal last year. We were able to get a reduction in her assessment from $1,595,500 to $1,375,000, an annual savings of $774.

Identify Overvalued Assessments

I recently got a call from a woman at the Hawaii Kai Peninsula, saying that her assessment was raised 13% from the previous year. After reviewing the comparable sales, we concluded that her new assessed value is more than 10% over market value and that she can easily make an appeal, and probably win.

Yesterday, a Hawaii Kai homeowner told me that his new tax assessed value is $1,596,500, 27% over market value with payments $1,176 higher than they should be. Another owner’s assessment is around 50% over market value, meaning he would be paying around $1,400 per year more than he should. I’ve prepared letters for these owners to use for their appeal.

Take Action

An increase in value would be surprising when the median sale price in Hawaii Kai has declined in the last year. If last year’s tax assessment was well below market value, it could make sense that this year’s would be higher. The important thing is not whether it went up or down but how it compares to today’s market value, which is based on comparable sales, generally through October 1, 2019.

I can provide you with personalized assistance, offering comparable sales and analysis and prepare a letter for your signature. Since I’m not an appraiser, the material I provide is not an appraisal. However, I can guide you in preparing a strong case.

Filing an Appeal Made Easy

Here’s how to file a tax assessment appeal:

• Use the appropriate city form for the 2020 Tax Assessment Appeal
• Submit by January 15 for timely consideration
• Demonstrate at least a 10% overvaluation compared to market value
• Pay a nominal $50.00 fee
• Strengthen your case with supporting documentation, such as comparable fee simple market sales.

Want to Know More?

I’ll be around over the holidays and am available if you would like assistance. Reach me at 808-384-9933 or DanMadden@HawaiiLife.com

Aloha and Happy Holidays!

Dan Madden, R
Hawaii Life Real Estate Brokers
Hawaii Kai’s Real Estate Expert
384-9933

(In the past, I’ve seen many cases where owner-occupant homeowners are not getting their home exemption simply because they haven’t filed for it. If, on the form you received in the mail, you have zero home exemption and you think you might rate it, you should look into it and, possibly, save hundreds of dollars a year. This year it’s been raised from $80,000.00 to $100,000.00; if over age 65, from $120,000.00 to $140,000.00)