HomeMy WebLinkAboutCOM 0739.011 2020-2022 C' 1
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SENT VIA ELECTRONICII<IAILr COunciltcstirnonyaWiawaiicounty.gov
April 18,2022
COUNTY OF HAWAII
25 Aupuni Street, Suite 140212402
Hilo, HT 96720
RE. SUPPORT OF BILL 156
To Whom It May Concern; n
We are writing this letter in support of the proposed Bill 156 to limit property tax assessment increases in
Hawai'i County to I S%over the previous year.
The proposed property tax increases for 2022/2023 have left our investors,partners, and tenants panicked.
Below is a list of twenty-two TM-Ks that collectively are being assessed at$14,866,400 more than last
year. This amounts to an increase of$159,070 in property taxes. Where are these values coming from?
How are we supposed to pay for this increase?
Assessment Assessment Increase Assessement Est.Tax Pmt
No. TMK 2021 2022 YoY Diff YoY Increase 2022
1 3-2-4-025-087-0013 $ 171,900.00 $ 212,800.00 24% $ 40,900 $ 438
2 3-2-4-025-087-0014 $ 82,600.00 $ 102,500.00 24% $ 19,900 $ 213
3 3-2-4-025-087-0015 $ 51,200.00 $ 63,400.00 24% $ 12,200 $ 131
4 3-2-4-025-087-0016 $ 45,300.00 $ 56,400.00 25% $ 11,100 $ 119
5 3-2-4-025-087-0017 $ 40,200.00 $ 49,900.00 24% $ 9,700 $ 104
6 3-2-3-014-014-0000 $ 506,100 $ 999,700 98% $ 493,600 $ 5,282
7 3-2-2-034-025-0000 $ 1,742,200.00 $2,605,100.00 50% $ 862,900 $ 9,233
8 3-2-1-010-008-0000 $ 731,500.00 $ 965,300.00 32°% $ 233,800 $ 2,502
9 3-2-1-007-004-0000-000 $ 1,763,600.00 $2,541,800.00 44% $ 778,200 $ 8,327
10 3-2-1-007-046-0000-000 $ 745,300.00 $ 1,033,500.00 39% $ 288,200 $ 3,084
11 3-2-2-054-22-0000 $ 339,900.00 $ 775,100.00 128% $ 435,200 $ 4,657
12 3-2-2-054-30-0000 $3,827,400.00 $6,211,900.00 62% $ 2,384,500 $ 25,514
13 3-2-2-054-71-0000 $ 564,900.00 $ 1,208,900.00 114% $ 644,000 $ 6,891
14 3-2-2-054-32-0000 $ 433,400.00 $ 526,900.00 22% $ 93,500 $ 1,000
15 3-2-1-009-003-0000 $ 595,000.00 $ 1,169,500.00 97°% $ 574,500 $ 6,147
16 3-2-1-009-004-0000 $5,393,700.00 $8,232,600.00 53% $ 2,838,900 $ 30,376
17 3-2-3-009-009-0000 $ 587,200.00 $ 907,900.00 55% $ 320,700 $ 3,431
18 3-2-3-009-006 $ 282,800.00 $ 717,000.00 154% $ 434,200 $ 4,646
19 3-2-2-053-001 $2,092,600.00 $2,777,800.00 33% $ 685,200 $ 7,332
20 3-2-6-002-009 $4,454,100.00 $7,292,000.00 64% $ 2,837,900 $ 33,203
21 3-2-2-035-047-0000-000 $ 934,800.00 $ 1,139,400.00 22% $ 204,600 $ 2,189
22 3-2-1-006-005-0000-000 $ 1,055,200.00 $ 1,717,900.00 63% $ 662,700 $ 7,091
$ 26,440,900 $ 41,307,300 $ 14,866,400 $ 159,070
7TM. 140.
1251 Kilauea Avenue,Unit 1941 Hilo,HI 96720 1 www.bigislandhomesandland.com 1($08)935-68074 n ---
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It is standard in commercial leases to have tenants billed back for property tax expenses. We have tried to
increase operating expenses to align with the anticipated increase in property taxes and have already lost
one of the long-time local tenants who was forced to close its doors.
The cost burden then falls on the property ownership who is still recuperating from the economic strain of
COVID and keeping current on loans and property maintenance. The chain reaction of increasing
property taxes at such extreme rates leads to businesses closing,rent income decreasing, property
maintenance projects being put on hold,and property conditions worsening.
If property taxes are limited to an increase of 15% annually,at least that gives the property owners and
managers a guideline for budgeting and planning for the expense. If you have any questions or would
like more data to support Bill 156,please contact me either at(808)491-9194 or
nani@bigislandhomesandland.com. Thank you in advance for your consideration.
Best regards,
BIG ISLAND HOMES&LAND CO.,LTD.
9 P
Nani ermillion
cc: Greg Gadd
1251 Kilauea Avenue,Unit 194(Hilo,HI 96720 www.bigislandlandandhomes.com 1(808)935-6874