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qtr or <br /> ~w <br /> COUNTY OF HAWAII ~ STATE OF HAWAII <br /> , <br /> 3~O~~MrM <br /> RESOLUTION NO. F'4 ~ <br /> <br /> RESOLUTION REQUESTING MAYOR HARRY HIM TO CONSIDER REDUCING <br /> <br /> THE FISCAL YEAR 2008 HOMEOWNER REAL PROPERTY TAX RATE. <br /> WHEREAS, for FY 2003, the Homeowner real property tax rate of $4.45 per $1,000 net <br /> <br /> taxable real property value was increased to $5.55 per $1,000 net taxable real property value; and <br /> WHEREAS, for FY 2007, the real property tax rates for all classes except the <br /> <br /> Homeowner class was reduced by an average of 12.6%; and <br /> WHEREAS, the County's real property tax revenues have increased every year since <br /> 2001; and <br /> WHEREAS, a reduction in the Homeowner real property tax rate would help to alleviate <br /> <br /> the tax liability of Hawaii County homeowners; and <br /> WHEREAS, on Januazy 24, 2007, Mayor Harry Kim submitted Bill No. 37, General <br /> Fund, Fund Balance, which certified an unappropriated balance of $11,049,514.76 for FY 2006; <br /> and <br /> WHEREAS, pursuant to article X of the Hawaii County Charter, the mayor must review <br /> all projected revenues and expenses in prepazing the annual operating budget for the ensuing <br /> year, specifically real property tax revenues including the determination of real property tax <br /> rates, and submit a balanced operating budget to the council; and <br /> WHEREAS, a 10% reduction in the Homeowner real property tax rate would result in a <br /> reduction of approximately $1,800,000 in projected FY 2008 real property tax revenues based on <br /> the projected FY 2007 operating budget; and <br /> WHEREAS, a reduction of $1,800,000 real property tax revenues in FY 2008 should be <br /> offset by new construction and appreciation of properties in all real property tax classes during <br /> FY 2007; and <br /> WHEREAS, a continuation of economic expansion is forecasted for Hawaii County <br /> despite recent signs of construction slowdown, and real property tax revenues are not expected to <br /> be adversely affected; and <br /> WHEREAS, a timely smaller reduction in real property tax rates based on the County's <br /> projected expenses is preferable to a lazger reduction which may necessitate a subsequent real <br /> property tax rate increase should County expenses grow unexpectedly; now, therefore, <br /> <br />