HomeMy WebLinkAboutResolution No. 2018-14, Draft 1COUNTY COUNCIL COUNTY OF KAUA’I ~B.£~O lutt Ofl No.2018-14,Draft 1 RESOLUTION ESTABLISHING THE REAL PROPERTY TAX RATES FOR THE FISCAL YEAR JULY 1,2018 TO JUNE 30,2019 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 1,2018 to June 30,2019,by June 20,2018;and WHEREAS,the Department of Finance has certified that the net value of taxable real property in the County for the tax year 2018-2019 is $19,914,682,100;and WHEREAS,together with the Director of Finance’s February 23,2018 certification transmitted to the Council on March 15,2018,and the Director of Finance’s Supplemental Property Tax Revenue Information dated March 15,2018,the Council was informed that due to the Home Preservation Limit Differential and Very Low Income Tax Credit,there is an estimated loss in tax revenues of $62,772.00 and $149,308.00,respectively;now therefore,BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF KAUA’I,STATE OF I{AWAI’I,that the Council does hereby fix and establish the real property tax rates for the several classes of real property for the Fiscal Year July 1,2018 to June 30,2019,as computed in Exhibit I attached hereto:Tax Rate (Per $1,000.00 Net Assessed Valuation)Homestead $3.05 Residential $6.05 Vacation Rental $9.85 Hotel and Resort $10.85 Commercial $8.10 Industrial $8.10 Agricultural $6.75 Conservation $6.75 Residential Investor $8.05 Commercialized Home Use $5.05 j~ap ‘~XCU~b ~~&un x qock x ~~a~iia x I~anc~jIro x 3~a~iia1~mI x 3&apo~o x ~ukimura x zr;ot~1 7 0 0 0 Qlertittcate Q3t ~boptIon ~e Ijcrcbp ccrtufp tijat 3ac~otution .~o.2018-14,~Draft 1 ~ua~abopteb tip the (~ounctt of the Qlountp of 1~aua’i,~‘tate of ~akuat’t,Iihu’e,~aaua’i,~a~aiai’i,on May 30,2018 Q~hai~’~re2n~ffIrer Introduced by:Is!ARRYL KANESHIRO (By Request)~ateb May 31,2018
EXHIBIT I NET TAXABLE VALUE -100%FMV -Less Exemptions REVENUE TAX TAX -Less 50%Appeals BY CLASSES REVENUE RATE HOMESTEAD 4,557,027,100 10.24%13,898,933 3.05 RESIDENTIAL 4,867,939,200 21.71%29,451,032 6.05 VACATION RENTAL 3,045,127,750 22.11%29,994,508 9.85 HOTEL AND RESORT 2,419,400,650 19.35%26,250,497 10.85 COMMERCIAL 1,248,938,750 7.46%10,116,404 8.10 INDUSTRIAL 384,728,400 2.30%3,116,300 8.10 AGRICULTURAL 845,449,050 4.21%5,706,781 6.75 CONSERVATION 96,923,600 0.48%654,234 6.75 RESIDENTIAL INVESTOR 1,371,845,900 8.14%11,043,359 8.05 COMMERCIALIZED HOME USE 1,077,301,700 4.01%5,440,374 5.05 Subtotal -19,914,682,100 100.00%135,672,423 Less:Home Preservation Limit Differential (62,772)Very Low Income Tax Credit (149,308)Total 135,460,343