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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> TESTIMONY REGARDING PROPERTY TAXES <br /> 5/18/06 <br /> <br /> <br /> <br /> My name is Ted Vorfeld and my wife and I are residents of <br /> Holualoa. We moved from Honolulu to Holualoa 16 years ago. <br /> We have a five acre AG parcel on which we have our home <br /> <br /> plus and Ohana. We raise and sell coffee, macadamia nuts and <br /> oranges. <br /> <br /> <br /> The taxable value of our property has risen 41% in the coming <br /> year over the previous year. Over the previous 4 years, the <br /> taxable value rose only 1%. <br /> <br /> <br /> The current "Market" value rose 100% over the previous year <br /> while during the 4 prior years the market value rose only 8%. <br /> <br /> <br /> Clearly the aberration is due to recent high end property sales <br /> in our area. <br /> <br /> <br /> Tying the assessed value of property to recent sales is neither <br /> rational nor fair. In my specific case, I have no County water <br /> <br /> or road and clearly that fact is not reflected in the assessed <br /> value. Further, my need for County services has not increased <br /> in proportion to the assessed value. <br /> <br /> <br /> Adjusting the rate per thousand dollars of assessed value is <br /> helpful, but it poses difficult `fairness' issues that will likely <br /> lead to the community insisting on a Proposition 13 type of <br /> <br /> assessment. <br /> <br /> I suggest that the County move to a system by which all land of <br /> <br /> a similar classification be assessed at the same value per acre, <br /> regardless of location, and the structures that sit on the land be <br /> <br /> c~ Na 4~~ <br /> Ref. Ta <br /> 1 4 DOte <br />