HomeMy WebLinkAboutResolution No. 2015-26COUNTY
COUNTY
COUNCIL
OF KAUA’I
RESOLUTION ESTABLISHING THE REAL PROPERTY TAX RATES
FOR THE FISCAL YEAR JULY 1,2015 TO JUNE 30,2016
FOR THE COUNTY OF KAUA’I
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 1,2015 to June 30,2016,by June 20,2015;and
WHEREAS,the Department of Finance has certified that the net value of taxable
real property in the County for the tax year 2015 —2016 is $17,258,493,200;and
WHEREAS,as part of the Deputy Director of Finance’s February 13,2015
certification which was transmitted to the Council on March 13,2015,the Acting Director
of Finance informed the Council that due to the Home Preservation Limit Differential
and Very Low Income Tax Credit,there is an estimated loss in tax revenues of $51,310.00
and $83,353.00,respectively;now therefore,
BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF KAUA’I,STATE OF
HAWAI’I,that it does hereby fix and establish the real property tax rates for the several
classes of real property for the fiscal year July 1,2015 to June 30,2016,as computed in
Exhibit I attached hereto:
Homestead
Residential
Vacation Rental
Hotel and Resort
Commercial
Industrial
Agricultural
Conservation
Residential Investor
Commercialized Home Use
(Per $1,000.00 Net Assessed Valuation)
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V:\BUDGET\15-16 Budget Documents\Bills &Resolutions\FY 2016 RPT Resolution SS_cy.doc
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No.2015-26
Tax Rate
$3.05
$6.05
$8.85
$10.85
$8.10
$8.10
$6.75
$6.75
$7.05
$5.05
Introduced by:
atb 06-03—2015
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EXHIBIT I
NET TAXABLE VALUE
-100%FMV
REVENUE TAX TAX
-Less Exemptions
BY CLASSES REVENUE RATE
-Less 50/o Appeals
HOMESTEAD 4,173,953,100 11.28%12,730,557 3.05
RESIDENTIAL 4,296,068,450 23.04%25,991,214 6.05
VACATION RENTAL 2,749,769,850 21.57%24,335,463 8.85
HOTEL &RESORT 2,043,702,450 19.65%22,174,172 1085
COMMERCIAL 985,924,750 7.08%7,985,990 8.10
INDUSTRIAL 348,686,950 2.50%2,824,364 8.10
AGRICULTURAL 822,490,450 4.92%5,551,811 6.75
CONSERVATION 85,450,400 0.51%576,790 6.75
RESIDENTIAL INVESTOR 899,168,250 5.62%6,339,136 7.05
COMMERCIALIZED HOME USE 853,278,550 3.82%4,309,057 5.05
Subtotal -17,258,493,200 100.00%112,818,554
Less:
Home Preservation Limit Differential (51,310)
Very Low Income Tax Credit (83,353)
Total 112,683,891