COM 0717.043 2004-2006 - Laserfiche WebLink

Home

Honorable Stacy K. Higa Page 7 May 5, 2006 • Although many properties in the Agriculture class are used as rentals, properties in this class can also qualify for benefits through the agriculture use and dedication program. Thus, although the rate for properties in this class should be lowered, it should not be as low as the rates for the Apartment, Improved Residential, and Unimproved Residential classes. • Rates for properties in the Conservation class do not provide rentals for Big Island residents and receive lower assessments due to use restrictions. The rate for properties in this class should not be as low as for properties in the Agriculture class. • Properties in the Hotel/Resort, Commercial, and Industrial classes are used for commercial purposes and should be charged the same rates. Based on the above, the following property tax rates are being proposed for FY 2006-07: Class 1. Improved Residential 2. Apartment 3. Commercial 4. Industrial 5. Agricultural 6. Conservation 7. Hotel/Resort 8. Unimproved Residential 9. Homeowners CONCLUSION Current Rate/$1,000 $9.10 $9.85 $9.85 $9.85 $9.85 $9.85 $9.85 $9.85 $5.55 Proposed Rate/$1,000 Change $8.10 -11.0% $8.10 -17.8% $9.00 -8.6% $9.00 -8.6% $8.35 -15.2% $8.55 -13.2% $9.00 -8.6% $8.10 -17.8% $5.55 0.0% The budget being submitted is aimed at addressing our major goals, while keeping within what we believe are reasonable and responsible limits on growth. It enables the County to continue taking major steps forward in improving services to our residents and protecting the assets we own. We welcome the opportunity to discuss this budget in further detail with you and respond to any concerns you may have. Thank you very much. Al a, arry Kiu Mayor Attachments