HomeMy WebLinkAboutResolution No. 2020-16COUNTY COUNCIL
COUNTY OF KAUA'!
Resolution~. 2020-16
RESOLUTION ESTABLISHING THE REAL PROPERTY TAX RATES
FOR THE FISCAL YEAR JULY 1, 2020 TO JUNE 30, 2021
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, 2020 to June 30, 2021, by June 20, 2020; and
WHEREAS, the Department of Finance has certified that the net value of taxable
real property in the County for the tax year 2020-2021 is $22,427,333,100; and
WHEREAS, together with the Director of Finance's February 28, 2020 certification
transmitted to the Council on February 28, 2020, and the Director of Finance's
Supplemental Property Tax Revenue Information dated March 13, 2020, 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 $58,587.00 and $166,937.00,
respectively; now therefore,
BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF KAUA'I, STATE OF
HA WAI'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, 2020 to June 30, 2021, as
computed in Exhibit I attached hereto:
Homestead
Residential
Vacation Rental
Hotel and Resort
Commercial
Industrial
Agricultural
Conservation
Tax Rate (Per $1,000.00 Net Assessed Valuation)
$ 3.05
$ 6.05
$ 9.85
$10.85
$ 8.10
$ 8.10
$ 6.75
$ 6.75
Residential Investor
Commercialized Home Use
$ 9.40
$ 5.05
Introduced by~~
ARRYL KANESHIRO
(By Request)
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EXHIBIT I
NET TAXABLE VALUE
-100% FMV
-Less Exemptions REVENUE TAX TAX
BY CLASSES REVENUE RATE -Less 50% Appeals
HOMESTEAD 5,222,179,350 10.21% 15,927,647 3.05
RESIDENTIAL 5, 123,528,000 19.87% 30,997,344 6.05
VACATION RENTAL 3,830,495,450 24.19% 37,730,380 9.85
HOTEL AND RESORT 2,667,497,850 18.55% 28,942,352 10.85
COMMERCIAL 1,233,239,300 6.40% 9,989,238 8.10
INDUSTRIAL 405,145,000 2.10% 3,281,675 8.10
AGRICULTURAL 905,082,550 3.92% 6,109,307 6.75
CONSERVATION 111,335,800 0.48% 751,517 6.75
RESIDENTIAL INVESTOR 1, 720,875,800 10.37% 16,176,233 9.40
COMMERCIALIZED HOME USE 1,207,954,000 3.91% 6,100,168 5.05
----------------------------------------------
Subtotal -22,427,333, 100 100.00% 156,005,860
Less:
Home Preservation Limit Differential (58,587)
Very Low Income Tax Credit (166,937)
Total 155, 780,336
*Beginning with the March 11, 2020 Council Meeting and until further notice,
Councilmember Arthur Brun will not be present due to U.S. v. Arthur Brun et al.,
Cr. No. 20-00024-DKW (United States District Court), and therefore will be noted as
excused (i.e., not present).