Property tax assessments islandwide are down about 6.7 percent from a year ago, according to information being mailed out to the island’s 284,000 property owners this week.

The drop in assessed value of the island’s properties likely will mean less income for the city, unless the Honolulu City Council raises tax rates.
The decline in values comes as no surprise as property sales prices have been lower than in previous years during the down economy.
The total gross assessed valuation of all taxable property dropped from $191.2 billion to $178.3 billion.
New developments added $3.3 billion in value to the overall total, helping offset the decline somewhat.
The value of existing properties actually dropped by $16 billion, or 8. 4 percent.
Looking at tax categories, residential properties declined 7.7 percent while hotel/resort properties decreased by 13.2 percent. Commercial and industrial properties declined 1.9 percent and 3.6 percent, respectively.
Assessment notices mailed out this week are not tax bills since the council does not set tax rates until the spring.
The deadline to file appeals of assessments is Jan. 15, 2010.
Property owners who have not received their 2010 assessment notices by Dec. 31 are advised to contact the city’s Real Property Assessment Division at 33 S. King St., Suite 101, Honolulu, 96813, or 768-3799, or 1000 Uluohia St., Suite 206, Kapolei, 96707, or 768-3169.