No.  Just no.

People seem to forget that these properties are homes to many families.  This would have a significant negative impact on our rental market.  Real property taxes would double (or more) for rental properties on Oahu.

Here are the rates per SB686:

     Under $500,000               $3.50
     $500,000 under $750,000      $4.50
     $750,000 under $1,000,000    $5.50
     $1,000,000 under $2,000,000  $6.50
     $2,000,000 and over                $7.50