Volcano, Hawaii Property Taxes
The median property tax rate in Volcano, HI is 0.32%, slightly higher than the state median of 0.29% but significantly lower than the national median of 0.99%. With a median home value of $269,600 in Volcano, the typical annual property tax bill is approximately $1,058, which is well below the national median of $2,690. Property taxes in Volcano are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Volcano'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 Volcano or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Volcano, Hawaii Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$863
$801
Ownwell’s Volcano Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Volcano with just two data inputs. By entering your property's estimated assessed value, the calculator applies the median tax rate in Volcano to estimate your property tax bill. This valuable 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 Volcano, Hawaii
Property taxes in Volcano, Hawaii, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Volcano is 0.32%, significantly lower than both the Hawaii state median and the U.S. national median of 0.99%. Local government entities within Volcano set these rates annually, and they can vary significantly across different neighborhoods. Each year, Volcano 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 Volcano's effective property tax rate to other counties in Hawaii and the national median. For comparison, the highest median property tax rate in Hawaii is in zip code 96701 with a rate of 0.35%, while the lowest median tax rate is in zip code 96704 at 0.25%. Understanding how these cities compare with Volcano provides valuable insights into the varying tax landscape across Hawaii County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Volcano Tax Rate
0.32%
Average Hawaii County Tax Rate
0.35%
Average Hawaii Tax Rate
0.29%
Average United States Tax Rate
0.99%
Property Tax Rates Across Volcano, Hawaii
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96785 | 0.12% | 0.19% | 0.32% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Volcano, Hawaii
In Volcano, 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 Real Property Tax Division 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 in Volcano 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 Volcano helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Volcano is $269,600, with the highest median tax bill in the 96785 zip code being $1,058.
Average Volcano Assessed Value
$269,600
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 Volcano, Hawaii
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96785 | $121,460 | $189,300 | $269,600 | $366,500 | $481,520 |
Source: Ownwell
Property Tax Bills Across Volcano, Hawaii
In Volcano, located in Hawaii County, property tax bills are calculated based on the assessed value of the property and the applicable tax rate set by the county. The median home price in this area is $269,600. To determine the tax bill, the assessed value is multiplied by the local tax rate. Various factors such as property improvements, land value, and market conditions are taken into consideration during the assessment process. Homeowners in Volcano experience a range of property tax bills. For instance, the 25th percentile tax bill is $419, while the 75th percentile tax bill reaches $2,304. At the higher end, the 90th percentile tax bill can climb to $3,755. The median property tax bill in the area is $1,058, which is slightly above the national median property tax rate of 0.99%. These tax bills significantly impact homeowners, as they contribute to the overall cost of owning property in this region. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Volcano Tax Bill
$1,058
Average Hawaii County Tax Bill
$1,619
Average Hawaii Tax Bill
$2,234
Average United States Tax Bill
$2,690
Property Tax Bills Across Volcano, Hawaii
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96785 | $200 | $419 | $1,058 | $2,304 | $3,755 |
Source: Ownwell