Honolulu property tax is on the rise, and it’s not slowing down anytime soon.
According to the Honolulu City Council’s annual property tax report, the city has a whopping $1.6 billion tax bill, and that number is expected to rise by $2 billion by the end of the year.
The City Council will vote next week on whether to increase the property taxes on more than 7,000 homes in the city.
The proposed hike is the third in as many years, and city officials have been pushing for the hike to be much higher than what is proposed.
The council’s next vote will be held next week.
“Property taxes are a necessary revenue source, but we need to keep the rates on the highest in the country,” said Honolulu Mayor Kirk Caldwell.
“We’re not in the position to have property taxes that are too high, and we’re not able to maintain the tax base.
The next step is for us to go out and find a way to increase property taxes, but that’s a difficult process.”
In addition to the property increase, the City Council is considering whether to add a 1 cent per square foot tax on every single home.
While the increase is expected in the next year or so, Caldwell is concerned about the tax hike.
“There are a lot of people who have been paying more and more tax, and there are a number of them who have not,” he said.
“They’re not paying their fair share, and I think that’s something we need as a city to be able to take a look at.”