Thursday, March 28, 2024
Hawai'i Free Press

Current Articles | Archives

Wednesday, April 30, 2014
Property Tax Exemptions Reduce Honolulu Tax Revenue $100M
By Natalie Iwasa @ 9:28 PM :: 5325 Views :: Tax Credits, Taxes

Did you know taxpayers subsidize lobbyists?

by Natalie Iwasa, March 20, 2014 

You’ll never see it as a line item in the budget.  You probably won’t hear anyone ever mention it.  You may even get a glazed-over look if you ask most councilmembers about it, but yes, taxpayers subsidize lobbyists.

How can this be?

Certain organizations pay only $300 per year in real property taxes because of their nonprofit status, yet some of the properties they own are worth millions.  The money they don’t pay in taxes can be used to employ lobbyists who use their influence to protect their clients’ interests.

I don’t think that’s okay.  Taxpayer funds should not be used in this manner.  Subsidizing these lobbyists is a waste of your money.

  *   *   *   *   *

Stop the Waste and Misuse of Taxpayer Money – Part II

by Natalie Iwasa, April 29, 2014

Did you know real property tax exemptions for taxable properties will likely cost us over $100 million next fiscal year?  Unlike most costs, however, you won’t see this as a line item in the budget.  And the cost is likely higher, because the city doesn’t even regularly assess some of the properties that receive exemptions. 

We’ve already discussed nonprofit organizations under ROH Sec. 8-10.10 and the related taxpayer subsidy of lobbyists under these organizations, so let’s take a look at entities under Sec. 8-10.24, credit unions.

When credit unions were first established, they filled a void and provided services banks would not.  Today, however, credit unions compete directly with banks while banks have expanded their services.  According to the United States Government Accountability Office in its report on credit unions:

“. . . the 2004 and 2001 Survey of Consumer Finances indicated that credit unions lagged behind banks in serving low- and moderate-income households.”  (Emphasis added.) 1

In addition, most credit unions on Oahu have healthy bottom lines as well as healthy financial positions.  Hawaii Business Magazine’s August 2013 issue included its annual “Hawaii’s Most Profitable Companies” report, and 4 of the 25 most profitable companies in the state were credit unions.  Three of them had double digit profits as a percent of revenue.  One boasted that its assets had grown from $491 million in 2008 to more than $750 million in 2013 – a 53% increase in five years.

Because of their exempt status, these organizations pay only $300 per year in real property taxes, even though their combined assessed values total almost $160 million.  Should taxpayers be subsidizing these organizations?  I don’t think so.

 

 

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT