So I inherited my great Uncle's house in Honolulu .... (city hall, lawyers)

[GoldKona]

This is a similar Gold Coast condo assessed about $4.500.000. From $2,900 a year to $38.500 a year since 2001. I dunno, give me good old CA Prop 13.

Millionaire tax:
Tier 2 Residential – A tax rate increased substantially, from $9.00 to $10.50 per $1,000 of net taxable value over $1,000,000.


$38,507.40 ($38,507.40) $0.00 $0.00 $0.00 $0.00
2019
$36,186.90 ($36,186.90) $0.00 $0.00 $0.00 $0.00
2018
$33,579.00 ($33,579.00) $0.00 $0.00 $0.00 $0.00
2017
$33,090.30 ($33,090.30) $0.00 $0.00 $0.00 $0.00
2016
$24,025.20 ($24,025.20) ($504.72) ($137.52) $0.00 $0.00
2015
$22,986.00 ($22,986.00) $0.00 $0.00 $0.00 $0.00
2014
$19,662.60 ($19,662.60) ($790.52) ($320.57) $0.00 $0.00
2013
$10,985.80 ($10,985.80) $0.00 $0.00 $0.00 $0.00
2012
$12,044.90 ($12,044.90) ($361.35) ($127.68) $0.00 $0.00
2011
$11,870.25 ($11,870.25) $0.00 $0.00 $0.00 $0.00
2010
$11,960.43 ($11,960.43) $0.00 $0.00 $0.00 $0.00
2009
$10,663.21 ($10,663.21) $0.00 $0.00 $0.00 $0.00
2008
$10,517.48 ($10,517.48) $0.00 $0.00 $0.00 $0.00
2007
$11,405.12 ($11,405.12) $0.00 $0.00 $0.00 $0.00
2006
$9,616.17 ($9,616.17) $0.00 $0.00 $0.00 $0.00
2005
$8,382.76 ($8,382.76) ($419.14) ($276.63) $0.00 $0.00
2004
$6,751.13 ($6,751.13) $0.00 $0.00 $0.00 $0.00
2003
$3,447.38 ($3,447.38) $0.00 $0.00 $0.00 $0.00
2002
$2,859.08 ($2,859.08) $0.00 $0.00 $0.00 $0.00
2001


FN sucks to be rich.

[whtviper1]

Originally Posted by GoldKona

This is a similar Gold Coast condo assessed about $4.500.000. From $2,900 a year to $38.500 a year since 2001.

Millionaire tax:
Tier 2 Residential – A tax rate increased substantially, from $9.00 to $10.50 per $1,000 of net taxable value over $1,000,000.

Tier 2 is a second home. Not a primary residence. If that was a primary residence it would be taxed at .35%

That is an important distinction.

If you can afford a 4.5 million condo as your second home the property taxes are the least of your concern.

[GoldKona]

Originally Posted by karen_in_nh_2012

Um, he got a FREE HOUSE in Hawaii for doing absolutely nothing other than being born ... so I don't feel bad for him for having to pay taxes on it. Sheesh.*

=====

*And yes, of course I'm jealous -- I wish I came from the kind of family that left inheritances to distant relatives!

Yeah, with a $3,000,000 mortgage at 6% that he couldn't refi because he couldn't qualify because he was retired.

[GoldKona]

Originally Posted by whtviper1

If you can afford a 4.5 million condo as your second home the property taxes are the least of your concern.

A lot of people that bought 20 years ago could not afford their property if they bought today.

[whtviper1]

Originally Posted by GoldKona

A lot of people that bought 20 years ago could not afford their property if they bought today.

Kind of moot if they bought it 20 years ago

[GoldKona]

Originally Posted by whtviper1

Kind of moot if they bought it 20 years ago

Not if their taxes went from $2,900 to $38,000!!!!!!!! This is a reason Prop 13 was voted on in 1978. People were being taxed out of their house.

[whtviper1]

Originally Posted by GoldKona

Not if their taxes went from $2,900 to $38,000!!!!!!!! This is a reason Prop 13 was voted on in 1978. People were being taxed out of their house.

Again, it is for a second home. Current tax for primary residence is $15,400 and if they can't afford that, I'm sure they can downsize from a $4.5 million property and bank a tidy property.

[GoldKona]

Originally Posted by whtviper1

Again, it is for a second home. .

Not necessarily. My neighbor has combined two units to get about 2,000sf. Not a Texas sized mansion. They have 2 bed 2 bath. He pays the higher taxes on the other unit that is basically his bedroom. He's a brain surgeon so yeah, F him. The units I posted were also 2/2 and under 2000 sf.

Of course I have neighbors that claim CA and Hawaii as their principal residence. The real annoying ones are those that vacation rent theirs.

People should not have to sell, even if it is a second home just because of the property taxes based on CURRENT market value. I don't think these people are getting $38,000 in services a year.

[whtviper1]

Originally Posted by GoldKona

People should not have to sell, even if it is a second home just because of the property taxes based on CURRENT market value. I don't think these people are getting $38,000 in services a year.

$38,000 property tax on a $4.5M second home is a relative bargain compared to the rest of the US. I don’t see why you don’t get that.

[GoldKona]

Originally Posted by whtviper1

$38,000 property tax on a $4.5M second home is a relative bargain compared to the rest of the US. I don’t see why you don’t get that.

This has gone over your head. Reread the thread. My comment is about the increase in taxes over 19 years from $2.900 to $38,000. This property was probably purchased at about $1.1
If they had bought in CA they would only be paying taxes on an assessed value of less than $1.6 because of Prop 13 and pay half of the amount. I don't understand why you think someone should be punished because they have a second home (2 bed condo) that has appreciated over a certain amount.