HomeMy WebLinkAboutResolution No. 2024-13, Draft 1COUNTY COUNCIL
COUNTY OF KAUA'I
3Resolution No. 2024-13, Draft 1
RESOLUTION ESTABLISHING THE REAL PROPERTY TAX RATES
FOR THE FISCAL YEAR JULY 1, 2024 TO JUNE 30, 2025
FOR THE COUNTY OF KAUA'I
WHEREAS, pursuant to Section 5A-6.3, 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, 2024 to June 30, 2025, by June 20, 2024; and
WHEREAS, the Department of Finance has certified that the net value of taxable
real property in the County for the tax year 2024-2025 is $32,166,195,550; and
WHEREAS, via the Supplemental Property Tax Revenue Information from the
Director of Finance dated March 14, 2024, the Council was informed of an estimated loss
in tax revenues of: $333,972 due to the Very Low-Income Tax Credit, and $11,791 due to
the Home Preservation Tax Limitation; 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, 2024 to June 30, 2025, as
computed in Exhibit 1 attached hereto:
TAX RATE* CLASSIFICATION
$2.59 Owner-Occupied
Non-Owner-Occupied Residential
$5.45 Tier 1 -portion of taxable value less than or equal to $1,300,000
Tier 2 -portion of taxable value more than $1,300,000 and up to
$6.05 and including $2,000,000
$9.40 Tier 3 -portion of taxable value exceeding $2,000,000
Vacation Rental
$11.30 Tier 1-portion of taxable value less than or eaual to $1 000,000
Tier 2 -portion of taxable value more than $1,000,000 and up to
$11.75 and including $2,500,000
$12.20 Tier 3 -portion of taxable value exceeding $2,500,000
$11.75 Hotel and Resort .
$8.10 Commercial
$8.10 Industrial
$6.75 Ae;ricultural
$6.75 Conservation
$5.05 Owner-Occupied Mixed-Use
*Per $1,000.00 Net Assessed Valuation
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Introduced by: Isl MEL RAPOZO
(By Request)
QCertificatt <!&f aboption
We berebp certifp tbat l\esolution Jlo. 2024-13,. Draft 1
was abopteb bp tbe Qtoumil of tbe Qtountp of 1&.aua'i, $late of
1!,awai'i, 1Libu'e, 1&.aua'i, 1!,awai'i, on May 29, 2024
Qlli-~ler~ Qtbairman & Jre5'ibing ®ffiter
71Bateb May 29, 2024
2
EXHIBIT 1
NET TAXABLE VALUE
-100% FlvfV
-Less Exemptions REVENUE TAX TAX
-Less 50% Appeals BY CLASSES REVENUE RATE
OWNER-OCCUPIED 6,586,896,550 7.26% 17,060,062 2.59
NON-OWNER-OCCUPIED RESIDENTIAL
TIER 1 VALUE<= $1,300,000 6,730,853,950 15.61% 36,683,154 5.45
TIER 2 VALUE> $1,300,000 TO $2,!)00,000 943,822,200 2.43% 5,710,124 6.05
TIER 3 VALUE> $2,000,000 2,284,928,250 9.14% 21,478,326 9.40
VACATION RENTAL
TIER 1 VALUE<= $1,000,000 3,374,202,600 16.22% 38,128,489 11.30
TIER 2 VALUE> $1,000,000 TO $2,500,000 1,546,087,350 7.73% 18,166,526 11.75
TIER 3 VALUE > $2,500,000 919,523,250 4.77% 11,218,184 12.20
HOTEL AND RESORT 3,882,807,050 19.41% 45,622,983 11.75
COMMERCIAL 1,993,628,950 6.87% 16,148,394 8.10
INDUSTRIAL 699,351,300 2.41% 5,664,746 8.10
AGRICULTURAL 1,648,385,350 4.73% 11,126,601 6.75
CONSERVATION 121,409,100 0.35% 819,511 6.75
OWNER-OCCUPIED MIXED-USE 1,434,299,650 3.08% 7,243,213 5.05
____ ................................ ---------------
Subtotal -32,166,195,550 100.00% 235,070,314
Less:
Home Preservation Limit Differential (11,791)
Very Low-Income Tax Credit (333,972)
Total 234,724,551