Santa Monica, Hawaii Property Taxes
The median property tax rate in Santa Monica, HI is 0.94%, slightly below the national median of 0.99% but significantly higher than the Hawaii state median of 0.29%. With the median home value in Santa Monica, the typical annual property tax bill reaches $12,702, far exceeding the national median of $2,690. Property taxes in Santa Monica are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Santa Monica's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Santa Monica or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Santa Monica, Hawaii Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$12,683
Ownwell’s Santa Monica Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Santa Monica with just two key data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Santa Monica to provide an estimate of your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Santa Monica, Hawaii
Property taxes in Santa Monica, Hawaii, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Santa Monica is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Santa Monica set these rates annually, and they can vary significantly across different neighborhoods. Each year, Santa Monica estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Santa Monica's effective property tax rate to other counties in Hawaii and the national median. For comparison, the 90403 zip code has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Santa Monica provides valuable insights into the varying tax landscape across Hawaii, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Santa Monica Tax Rate
0.94%
Average Hawaii County Tax Rate
0.35%
Average Hawaii Tax Rate
0.29%
Average United States Tax Rate
0.99%
Property Tax Rates Across Santa Monica, Hawaii
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 90403 | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Santa Monica, Hawaii
In Santa Monica, Hawaii, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Hawaii County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Santa Monica, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Santa Monica helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 90403 has both the highest and lowest median tax bills, each at $12,702, reflecting a uniform tax burden across the area.
Property Tax Assessment Values Across Santa Monica, Hawaii
Source: Ownwell
$42,500
$10,201,250
$20,360,000
Average Santa Monica Assessed Value
$1,349,300
Average Hawaii County Assessed Value
$412,300
Average Hawaii Assessed Value
$781,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Santa Monica, Hawaii
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 90403 | $1,349,300 | $1,349,300 | $1,349,300 | $1,349,300 | $1,349,300 |
Source: Ownwell
Property Tax Bills Across Santa Monica, Hawaii
In Santa Monica, located in Hawaii County, property tax bills are calculated by assessing the market value of a home and applying the local property tax rate. The assessed value is determined based on the current market conditions and recent sales of comparable properties. Hawaii County typically maintains a consistent tax rate, which is then applied to the assessed value to calculate the annual property tax bill. Several factors influence the final tax bill, including the property’s location, size, and improvements. In Santa Monica, the median home price is $1,349,300, which significantly impacts the tax bill. Homeowners in this area can expect a median property tax bill of $12,702, which is notably higher than the national median property tax rate of 0.99%. This higher tax bill reflects the elevated property values in Santa Monica. For homeowners, these property taxes contribute to local services such as schools, infrastructure, and emergency services, directly affecting the community's quality of life. However, the high property tax bills can also be a financial burden, making it essential for homeowners to understand their tax calculations thoroughly.
Average Santa Monica Tax Bill
$12,702
Average Hawaii County Tax Bill
$1,619
Average Hawaii Tax Bill
$2,234
Average United States Tax Bill
$2,690
Property Tax Bills Across Santa Monica, Hawaii
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 90403 | $12,702 | $12,702 | $12,702 | $12,702 | $12,702 |
Source: Ownwell