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"Tax breaks for seniors: These vary by county. In Honolulu, for example, homeowners 65 or older get a larger home exemption of $120,000. Low-income seniors age 75 and older may qualify for even larger exemption amounts, ranging from $140,000 to $200,000, depending on age."
Are these tax breaks only for Honolulu residents or the whole Honolulu metro area, e.g. Kailua, etc.?
Thank you. In the meantime, I saw something that compares all four counties (islands) with one another.
Hawaii gives large exemptions, but how does the property value fluctuate? Here in California we have Proposition 13, which prevents property tax bills from going higher than 2% per year, even if the value increases significantly year to year. Does Hawaii have anything similar to that?
The purchase price of a home here generally determines the initial tax bill, i.e. a $500,000 home would be taxed statewide at 1% plus local assessments, so on average, the first year would be 1.25% (approximately) and each subsequent year would be UP TO 2%, but not over.
However, local voters can hold elections for special assessments that increase the tax rate.
How does it work in Hawaii's four counties?
While looking at some Hawaiian properties, I saw significant recent drops in list price for nearly all houses.
What's going on over there regarding the real estate market?
I don't know the answers, but apparently no-one else here does either.
This is what I DO know -- Hawaii doesn't have anything like Prop 13 (thank goodness). Assessments are done by the Tax Assessor's Office and seem to change annually. Ours went up this year a couple of thousand dollars. Assessments are not tied to a home's purchase value but I think are probably tied to neighborhood sales. I say probably because I really don't know how they determine this.
Real estate market on the Big Island generally lags behind the mainland. When home prices rise on the mainland we usually don't see a similar rise for several months, if not longer. And home prices really do vary by location. I think right now prices are high in Kona and South Kohala areas. Available inventory is another determining factor for prices. We have a lot of houses on the market in my neighborhood in Ka'u, and that (and location) keeps sales prices low.
I don't know the answers, but apparently no-one else here does either.
This is what I DO know -- Hawaii doesn't have anything like Prop 13 (thank goodness). Assessments are done by the Tax Assessor's Office and seem to change annually. Ours went up this year a couple of thousand dollars. Assessments are not tied to a home's purchase value but I think are probably tied to neighborhood sales. I say probably because I really don't know how they determine this.
Real estate market on the Big Island generally lags behind the mainland. When home prices rise on the mainland we usually don't see a similar rise for several months, if not longer. And home prices really do vary by location. I think right now prices are high in Kona and South Kohala areas. Available inventory is another determining factor for prices. We have a lot of houses on the market in my neighborhood in Ka'u, and that (and location) keeps sales prices low.
Prop 13 has helped many people keep their homes. I voted against it many years ago, but I am grateful it passed. How awful to have your taxes go up a couple of thousand dollars in a single year unless you live in an expensive mansion.
Prop 13 has helped many people keep their homes. I voted against it many years ago, but I am grateful it passed. How awful to have your taxes go up a couple of thousand dollars in a single year unless you live in an expensive mansion.
Assessment went up a couple of thousand, not taxes.
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