Residential property values on Oahu climbed nearly 10 percent over the past year, with East Honolulu and the Kahuku-to-Kaaawa zone rising most sharply in city assessments.

"This year’s real property assessments are a reminder that Oahu’s economy is improving and real estate values are up," Mayor Kirk Caldwell said Friday. "The increase in Oahu property values will help us narrow the budget shortfall but will not solve it."

The city will send out 293,000 real property assessments for 2014 to owners this week. The assessments are merely valuations, not tax bills. Individual bills won’t be determined until the City Council sets the tax rate in June.

While residential real estate on the island rose by 9.9 percent on average, hotel and resort property values grew an average of 6.4 percent, commercial property by 5.9 percent and industrial property by 2.4 percent.

New construction played a part in the rise in the overall property valuation, along with rising prices in a hot market.

"Residential valuations increased this year by 9.9 percent, but that does not mean your property assessment is going up that much," Caldwell said. "A portion of that increase was generated by new developments and additions around town, which increased inventory.

"In other words, new buildings that didn’t exist last year are boosting the total. Some parts of the island saw a double-digit increase in property values while other areas barely increased."

Residential values climbed fastest — by 12 percent — in East Honolulu and in the zone stretching from Kahuku on the North Shore to Kaaawa. Meanwhile, property in the Leeward Oahu zone rose by just 2.6 percent.

The total assessed valuation of all taxable property on the island rose to $200.59 billion, up 8.8 percent over the year. The 2014 assessed values were set as of Oct. 1, based on sales of similar properties through June 30.

The city advises property owners who don’t receive their assessments by the end of the year to call the Real Property Assessment Division at 768-3799 or visit honolulupropertytax.com. Owners who dispute their assessments may file appeals from until Jan. 15.

Property owners may register to receive assessment notices by email, pay property taxes electronically and file online for home exemptions or real property tax appeals.