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Many of our clients, like many homeowners here in Hawaii, were shocked when they received their property tax assessments. We provided comparable home sales data for some as they prepared to appeal. This was the third year in a row that assessments went up dramatically.
Single Family median home prices on Oahu have doubled since 2001 from $299,900 to $610,000 in December 2006. Condominium median prices have increased from $133,000 to $269,000 in the same period. Property tax assessments have reflected the increase in prices. While this is great for anyone selling or refinancing to take out equity, it