Hope all is well in Phoenix! The homeowners assessment fee is not a monthly fee. It is actually not a fee at all. The "Assessment" is for property tax calculation purposes from the City & County of Honolulu. The Assessment is based on sales in the past year in that particular neighborhood. It is actually a "lagging" indicator of property values and is not representative of market value. That is good in times when property values are going up but bad when property values are going down! The assessment is issued once a year in January for the fiscal year starting July 1. Homeowners can appeal if they feel the assessment is too high and that has to be done by January 31. Property taxes for this year are calculated by dividing the assessed value by 1,000 and multiplying it by $3.50 to get the annual property tax for the county of Honolulu. Each island is different as to what they are charging. Homeowners of a principle residence can get a property tax exemption of $120,000 from the assessed value for owners that are over the age of 65. Basic Exemption is $80,000. If you are an investor there is no exemption. For example, say the home is assessed at $500,000. To calculate the annual property tax - $500,000 - $80,000 = $420,000 divided by 1,000 X $3.50 = $1,470. This would be paid semi-annually on Feb. 20th and Aug 20th. The $3.50 can change each year. If you go to http://www.realpropertyhonolulu.com, you can find out more about this.
Hope this helps.
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Rich van Bodegom, CMPS, RA, CPA(INACTIVE)