HomeMy WebLinkAboutResolution 2006-09 Real Property tax ratesCOUNTY COUNCIL
COUNTY OF KAUAI
~~ ~ ~ `~ ~ No. 2006-09,
Draft 1
RESOLUTION ESTABLISHING THE REAL PROPERTY TAX RATES
FOR THE FISCAL YEAR JULY 1, 2006 TO JUNE 30, 2007
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 Kauai desires to fix and
establish the real property tax rates for the tax year July 1, 2006 to June 30, 2007,
by June 20, 2006; and
WHEREAS, the Department of Finance has certified that the net value of
taxable real property in the County for the tax year 2006-2007 is $16,837,675,253;
and
WHEREAS, as part of the Finance Director's May 1, 2006 certification, the
Finance Director informed the Council that due to the Circuit Breaker Credit, Long
Term Affordable Rental Credit, and 2% Permanent Home Use {PHU) Exemption,
there is an estimated loss in tax revenues of $217,240, $468,020, and $12,114,193,
respectively; 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 and taxable building and lands for the
fiscal year July 1, 2006 to June 30, 2007, as computed in Exhibit 1 attached hereto:
Homestead
Single Family Residential
Apartment
Commercial
Industrial
Agricultural
Conservation
Hotel and Resort
{Per $1,000 Net Assessed Valuation}
Building Land
$3.44 $4.00
4.30 4.00
7.95 6.95
7.95 6.95
7.95 6.95
4.30 6.95
4.30 6.95
7.95 6.95
Introduced by: /s/ BILL "KAIPO" ASING
{By Request)
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EXHIBIT I
NET TAXABLE VALUE
- 100% FMV
- Less Exemptions REVENUE TAX TAX
- Less 50% Appeals BY CLASSES REVENUE RATE
HOMESTEAD
Building: 1, 496, 613, 806 5.72% 5,148, 351 3.44
Land: 3, 331, 849, 695 14.80% 13, 327, 399 4.00
Total: 4,828,463,501 20.52% 18,475,750
SINGLE FAMILY RESIDENTIAL
Building: 1,230,256,173 5.88% 5,290,102 4.30
Land: 3,547,447,613 15.76% 14,189,790 4.00
Total: 4, 777, 703, 786 21.64% 19, 479, 892
APARTMENT
Building: 1,203,333,600 10.63% 9,566,502 7.95
Land: 433,669,500 3.35% 3,014,003 6.95
Total: 1,637,003,100 13.98% 12, 580, 505
HOTEL & RESORT
Building: 1,393,743,048 12.31% 11,080,257 7.95
Land: 434,033,185 3.35% 3,016,531 6.95
Total: 1,827,776,233 15.66% 14,096,788
COMMERCIAL
Building: 384,087,732 3.39% 3,053,497 7.95
Land: 540, 794, 942 4.18% 3, 758, 525 6.95
Total: 924,882,674 7.57% 6,812,022
INDUSTRIAL
Building: 130,218,150 1.15% 1,035,234 7.95
Land: 168,922,500 1.30% 1,174,011 6.95
Total: 299,140,650 2.45% 2,209,246
AGRICULTURAL
Building: 460, 514, 958 2.20% 1, 980, 214 4.30
Land: 1,816,098,921 14.02% 12,621.888 6.95
Total: 2,276,613,879 16.22% 14,602,102
CONSERVATION
Building: 32,014,650 0.15% 137,663 4.30
Land: 234,076, 780 1.81% 1,626,834 6.95
Total: 266,091,430 1.96% 1,764,497
Subtotal - ----------------------
16,837,675,253 -------------
100.00% ----------------
90,020,802
Less:
Circuit Breaker Credit (217, 240)
Long Term Affordable Rental Credit (468,020)
2% PHU Exemption (12,114,193)
Total 77, 221, 349
(3/15/2006 Budget Submitta l) __ _ 75, 468,144 _
(additional revenue as comp ared to March 15 Submitt al) -- 1,753,205
*Figures have been rounded