HomeMy WebLinkAboutCOM 0817.073 2008-2010 Page 1 of 1
PI CouJCen.
Yoshimoto, J Res. 33 ci -ic / CeM M • 5 ( 7
t
From: Terrence Weir [trweir @gmail.com] 1.111
Sent: Thursday, June 03, 2010 10:29 AM 3klii
To: dyagong @co.hawaii.hi.us; dikeda @co.hawaii.hi.us; jyoshimoto@co.hawaii.hi.us;
donishi @co.hawaii.hi.us; enaeole @co.hawaii.hi.us; genriques@ co. hawaii .hi.t4s;iford @c0.hawaii..A.us;
kgreenwell @co.hawaii.hi.us; phoffmann @co.hawaii.hi.us; cohmayor @co.h Ui., u's
Subject: Please reconsider Non Owner occupied property tax increase in Budget
My name is Terrence Weir. I own a condo at Waikoloa Beach Villas G -23 and I ask that you
reconsider approval of the property tax increase in the proposed budget for non owner occupied
homes. We purchased our condo at the peak of the housing market and hope to retire on the Big
Island. Unfortunately the values have declined to a point that we are hundreds of thousands of
dollars upside down and barely able to keep our heads above water. The proposed tax increase
may just be the nail in the coffin for many of us who had dreams of retiring on the Island. We
are already a source of revenue with the GET and TAT that is paid to the government.
Unfortunately in this competitive rental market and down economy their is no way to pass on the
proposed tax increase to our guests. I know that many are attempting short sales or just walking
away from their properties and we hope to avoid that, however, we can only tread water for so
long. At the same time I understand that you are proposing lowering the tax on hotels. I don't
understand this. We employ gardeners, housekeepers etc. which adds to the employment on the
Island. Please reconsider your decision or face many, many empty condos and homes and
continue the downward spiral in real estate prices and tax revenue.
Economist Art Laffer years ago showed that there is a diminishing return on revenue to the
government when the taxes are raised too high and people would just stop working. If you raise
the taxes beyond a level where we can keep our homes the tax revenue will decrease as homes
are lost to foreclosure.
Sincerely
Terrence Weir
(509)768 -4000
Waikoloa Beach Villas G -23
Comaa. Wo O (1.1
Ref. To: r /� m";
Ref. Date, .1114 0 ? Th
6/3/2010