Property values on Oahu have leapt from $200.74 billion to $214.90 billion, according to the City & County of Honolulu’s assessment of taxable real property for 2015.

City spokesman Jay Parasco said in a press release that the increase was driven by new developments and improvements to existing parcels.

Honolulu has seen a rash of condo developments its urban core, where prices in Kakaako jumped 75 percent earlier this year.

As a whole, residential property values rose by more than 7 percent from $162.85 billion to $174.52 billion, Parasco said. But hotel and resort properties saw the biggest increase of 16.4 percent.

Meanwhile, commercial property values rose by 4.8 percent and industrial property values increased 3.9 percent.

The city plans to send 295,000 assessments to property owners this week. Property owners who disagree with the assessments can appeal at until Jan. 15, 2015.

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