Here we go again...

[Miulang]

The economy of Kaua'i is heating up like the rest of Hawai'i, but according to some experts, the growth is probably going to spell the eventual doom of the very economy that is fueling the growth. This is the same story that can be told on Oahu and Maui. Will the Big Island be next???

Miulang

More here: http://the.honoluluadvertiser.com/ar.../bz/bz08a.html

[craigwatanabe]

Re: Here we go again...

it's already happening here on the Big Island with a lot of investor spending. The County is trying to hedge that by offering owner/occupants the opportunity to lock in their property tax assessments at the current level for an extended period if the owner agrees to live at that property for a minimum of 10-years.

I purchased my property just over a year ago for $245,000. It's value is now somewhere just under $500,000 yet my property tax bill for 2004 and for the next few years will be less than $950 per year.

[Miulang]

Re: Here we go again...

it's already happening here on the Big Island with a lot of investor spending. The County is trying to hedge that by offering owner/occupants the opportunity to lock in their property tax assessments at the current level for an extended period if the owner agrees to live at that property for a minimum of 10-years.

I purchased my property just over a year ago for $245,000. It's value is now somewhere just under $500,000 yet my property tax bill for 2004 and for the next few years will be less than $950 per year.

Craig, my man, you are a good example of someone who has his head up and who is akamai enough to sense the danger/opportunity to change and actually follows through on it! Too many of us say carpe diem and never act and then later on use every excuse in the books and blame everyone else but ourselves when the outcome is less than optimal.

Miulang

BTW: Maui County has a "circuit breaker" law that allows homeowners to get a break on their real estate taxes too. I think it's currently set at a max of 1% of the person's last reported income. It used to be restricted to people over 65 I think, but they've expanded it to include all homeowners. The catch is you have to apply for the easement every year. The County was not having any luck getting many people to apply for the credit (although as everyone knows, property values in Maui County are ridiculous) and then duh...they realized no one knew about this exemption! So now they've scheduled a bunch of meetings within the communities to explain what the circuit breaker law can do to help ease the pain of owning a home in Maui County.