Unfortunately, the Kauai Tax Assessors office has always lagged behind the market by at least 1-2 years. As our market was gaining in value, this was to homeowners and buyers advantage. It seems that assessors finally caught up just as our market peaked, and started to drop. In 2004-2005, I could ballpark the tax assessed value as approximately 1/2 to 2/3 of market value. Now, many properties are assessed much higher than market value. It’s a cumbersome, and difficult process here on Kauai to ask for an adjustment. I’ve heard varying stories from consumers – and don’t have any easy answer.
Today’s Wall Street Journal has an article on this issue, and highlights how to ask for adjustments. Read more….