Ocean View, Hawaii Property Taxes
The median property tax rate in Ocean View, HI is 0.23%, significantly lower than both the national median of 0.99% and the Hawaii state median of 0.29%. With the median home value in Ocean View at $284,200, the typical annual property tax bill is approximately $694, which is well below the national median of $2,690. Property taxes in Ocean View are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ocean View'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 Ocean View 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
Ocean View, Hawaii Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.23%
Estimate Property Tax Bill
$654
Ownwell’s Ocean View Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Ocean View with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ocean View to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ocean View, Hawaii
Property taxes in Ocean View, Hawaii, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Ocean View is 0.23%, significantly lower than both the Hawaii state median and the U.S. national median of 0.99%. Local government entities within Ocean View set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ocean View 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 Ocean View's effective property tax rate to other areas in Hawaii and the national median. For comparison, the zip code 96737 has the highest median property tax rate of 0.94%, which is still below the national median. Understanding how these areas compare with Ocean View 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 Ocean View Tax Rate
0.23%
Average Hawaii County Tax Rate
0.35%
Average Hawaii Tax Rate
0.29%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ocean View, Hawaii
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96704 | 0.11% | 0.13% | 0.22% | 0.30% | 0.39% |
| 96737 | 0.65% | 0.91% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Ocean View, Hawaii
In Ocean View, 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. 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 Ocean View helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $1,958 in zip code 96737, while the lowest is $626 in zip code 96704.
Property Tax Assessment Values Across Ocean View, Hawaii
Source: Ownwell
$42,500
$10,201,250
$20,360,000
Average Ocean View Assessed Value
$284,200
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 Ocean View, Hawaii
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96704 | $164,380 | $191,150 | $284,200 | $354,100 | $400,380 |
| 96737 | $146,850 | $201,225 | $272,550 | $350,325 | $425,550 |
Source: Ownwell
Property Tax Bills Across Ocean View, Hawaii
Property tax bills in Ocean View, located in Hawaii County, are calculated based on the assessed value of the property and the applicable tax rate. Unlike some states where the market value is used, Hawaii uses the assessed value, which is often lower than the market value. The median home price in Ocean View is $284,200. The tax bill can vary significantly, with the 25th percentile at $257 and the 75th percentile reaching $1,180. At the 90th percentile, homeowners might see a tax bill of up to $1,912. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, the highest median tax bill in the area is $1,958 in the 96737 zip code, while the lowest is $626 in the 96704 zip code. Compared to the national median property tax rate of 0.99%, Hawaii's rates can be more favorable, providing some relief to homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Ocean View Tax Bill
$694
Average Hawaii County Tax Bill
$1,619
Average Hawaii Tax Bill
$2,234
Average United States Tax Bill
$2,690
Property Tax Bills Across Ocean View, Hawaii
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96704 | $200 | $232 | $626 | $1,050 | $1,478 |
| 96737 | $1,341 | $1,822 | $1,958 | $2,832 | $3,222 |
Source: Ownwell