HomeMy WebLinkAboutResolution No. 2012-30 Draft 1COUNTY COUNCIL COUNTY OF KAUAI 3'Lk i t, 10 1ut10 ti No. 2012-30, Draft 1 RESOLUTION ESTABLISHING THE REAL PROPERTY TAX RATES FOR THE FISCAL YEAR JULY 1, 2012 TO JUNE 30, 2013 FOR THE COUNTY OF KAUAI WHEREAS, under the provisions of Sec. 5A -6.3, Chapter 5A, Kaua`i County Code 1987, as amended, the Council of the County of Kauai desires to fix and establish the real property tax rates for the tax year July 1, 2012 to June 30, 2013,by June 20, 2012; and WHEREAS, the Department of Finance has certified that the net value of taxable real property in the County for the tax year 2012 -2013 is $15,277,121,256;and WHEREAS, as part of the Finance Director's March 30, 2012 certification,the Finance Director informed the Council that due to the Long Term Affordable Rental Credit and Permanent Home Use (PHU) Exemption, there is an estimated loss in tax revenues of $70,155 and $2,824,699, respectively; now, therefore,BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF KAUAI,STATE OF HAWAII, that it does hereby fix and establish the real property tax rates for the several classes of real property and taxable building and land for the fiscal year July 1, 2012 to June 30, 2013, as computed in Exhibit I attached hereto:Per $1,000 Net Assessed Valuation)Building Land Homestead 3.05 3.05 Single Family Residential 4.25 4.85 Apartment 7.90 6.90 Commercial 7.90 6.90 Industrial 7.90 6.90 Agricultural 4.25 6.90 Conservation 4.25 6.90 Hotel and Resort 8.20 7.14 Introduced by:s/ JAY FURFARO V: \BUDGET \12 -13 Budget Documents \BILLS & RESOS \RPT 2012 -30, Draft Ldoc) (By Request)2012 -30, Dr aftl a t &4&4`ti, rare May 30, 2012 CLA D- May 30, 2012 i v,g ac arniead l 9 X 5"i x z.a.amin.K.a x J g X gad 5 _2 2012 -30, Dr aftl a t &4&4`ti, rare May 30, 2012 CLA D- May 30, 2012
EXHIBIT I NET TAXABLE VALUE 100% FMV Less Exemptions Less 50% Appeals HOMESTEAD Building:1,377,725,800 Land:2,092,822,04 Total:3,470,547,846 SINGLE FAMILY RESIDENTIAL 5.06%Building:1,594,619,265 Land:2,914,260,67 Total:4,508,879,944 APARTMENT Building:943,845,975 Land:735.374 225 Total:1,679,220,200 HOTEL & RESORT 20,911,296 Building:1,205,895,650 Land:708.268 990 Total:1,914,164,640 COMMERCIAL 15.08%Building:429,058,941 Land:539.990.134 Total:969,049,075 INDUSTRIAL 7.14 Building:158,158,040 Land:184.600.400 Total:342,758,440 AGRICULTURAL 3,725,932 Building:715,691,447 Land:1.416 053.618 Total:2,131, 745,065 CONSERVATION 1.53%Building:45,970,350 Land:214.785.696 Total:260,756,046 Subtotal - 15,277,121,256 Less:Long Term Rental 2% PHU Credit.REVENUE TAX TAX BY CLASSES REVENUE RATE 5.06%4,202,064 3.05 7.68%6,383,107 3.05 12.74%10,585,17 8.16%6,777,132 425 17.01%14.134,164 4,85 25.16%20,911,296 8.97%7,456,383 7.90 6.11%5.074 082 6.90 15.08%12,530,465 11.90%9,888,344 8.20 6.09%5.057.041 7.14 17.98%14,945,385 4.08%3,389,566 7.90 4.48%3,725,932 6.90 8.56%7115,498 1.50%1,249,449 7.90 1.53%1,273,743 6.90 3.04%2,523,191 3.66%3,041,689 4.25 11.76%9.770 770 6.90 15.42%12,812,459 0.24%195,374 4.25 1.78%1.482 021 6.90 2.02%1,677,395 Total 3/15/12 Budget Submittal increase in revenue as compared to March 15 submittal)Figures have been rounded.100.00%83,100,860 70,155)2,824,699)80,206,006 77,300,000 2,906,006