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Can the Honolulu City Council make permanent a yearly reduction of property taxes based on increases in inflation? It should make the basis for the changes reasonable and understandable to Oahu resident homeowners.
I appreciate the FYE (fiscal year end) 2023-24 $350 tax credits, but would like to know how this amount was arrived at. I would also like the tax credits to be permanent, with a yearly adjustment.
In my opinion, the yearly tax credit calculation should include a minimum of $350 plus 0.35% of the cumulative property value increases starting from the FYE 2024-25.
The federal government has a policy of adjusting Social Security’s COLA every year to account for inflation. The IRS also adjusts its tax brackets yearly for inflation.
The City Council should emulate the fair practices of the federal government and not burden residential property taxpayers with increases in property taxes based on inflated property tax values.
Stuart Shimazu
Kapahulu
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