HomeMy WebLinkAboutResolution No. 2014-11 Draft 1COUNTY COUNCIL COUNTY OF KAUAI Euotution No. 2014-11, Draft 1 RESOLUTION ESTABLISHING THE REAL PROPERTY TAX RATES FOR THE FISCAL YEAR JULY 1, 2014 TO JUNE 30, 2015 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 Kaua`i desires to fix and establish the real property tax rates for the tax year July 1, 2014 to June 30, 2015, by June 20, 2014; and WHEREAS, the Department of Finance has certified that the net value of taxable real property in the County for the tax year 2014 - 2015 is $16,010,817,900; and WHEREAS, as part of the Director of Finance's February 27, 2014 certification, the Director of Finance informed the Council that due to the Home Preservation Limit Differential, there is an estimated loss in tax revenues of 29,580.00; 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 for the fiscal year July 1, 2014 to June 30, 2015, as computed in Exhibit I attached hereto: Tax Rate (Per $1,000.00 Net Assessed Valuation) Homestead $ 3.05 Residential $ 6.05 Vacation Rental $ 8.85 Hotel and Resort $10.85 Commercial $ 8.10 Industrial $ 8.10 Agricultural $ 6.75 Conservation $ 6.75 Introduced by: /s/ JAY FURFARO By Request) V:\BUDGET\14-15 Budget Documents\Bills & Resolutions\Resolution No 2014-11 Draft 1 SS_dmc.doc evelifkale, oI Ule ke,Ay .14,1 L. 2014-11, Draft 1 4ao, aaoy.Y.ea & Lry i e Ca+e,na+.L of if., 6 -tate of Jla4 aL t, cat.' , l a ut i, Jla Jai i, on lni D-1-3 05-29-2014 otatt tea J3 x aea. x 5C. x gw,c'vca x x c poTa x Gba,2a x gawe 5 2 0 0 evelifkale, oI Ule ke,Ay .14,1 L. 2014-11, Draft 1 4ao, aaoy.Y.ea & Lry i e Ca+e,na+.L of if., 6 -tate of Jla4 aL t, cat.' , l a ut i, Jla Jai i, on lni D-1-3 05-29-2014
EXHIBIT I NET TAXABLE VALUE 100% FMV Less Exemptions REVENUE TAX TAX Less 50% Appeals BY CLASSES REVENUE RATE HOMESTEAD 3,489,094,500 9.91% 10,641,738 3.05 RESIDENTIAL 5,576,433,050 31.42% 33,737,420 6.05 VACATION RENTAL 2,626,160,600 21.64% 23,241,521 8.85 HOTEL & RESORT 2,151,899,200 21.74% 23,348,106 10.85 COMMERCIAL 984,821,900 7.43% 7,977,057 8.10 INDUSTRIAL 343,885,450 2.59% 2,785,472 8.10 AGRICULTURAL 763,156,850 4.80% 5,151,309 6.75 CONSERVATION 75,366,350 0.47% 508,723 6.75 Subtotal - 16,010,817,900 100.00% 107,391,347 Less: Home Preservation Limit Differential (29,580) Total 107,361,767