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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.
Punished? They purchased it for $1.1M and now its worth $4.5M? Punished? For a second home?
I'm any other person would love that kind of punishment.
Punished? They purchased it for $1.1M and now its worth $4.5M? Punished? For a second home?
I'm any other person would love that kind of punishment.
They wanted a nice vacay place on the beach among their friends. Just a little 2/2 to host grandkids. They budgeted for property taxes but never anticipated the government charging them so much more just because of appreciation. Now they have to give up their dream and their memories and their friends and family because the government wants to punish them by charging them 3 times the taxes that other people with 2/2's pay. Paper rich! Do you sit in front of orphanages with a large ice cream for fun?
I guess CA has more aloha for the kapuna than Hawaii.
They budgeted for property taxes but never anticipated the government charging them so much more just because of appreciation. Now they have to give up their dream and their memories and their friends and family because the government wants to punish them by charging them 3 times the taxes that other people with 2/2's pay. Paper rich!
3 times? $15,400 if primary residence. $38,000 by your calculated number does not make 3 times.
If some dropped $1.1M for a second vacation home 20 years ago, $38,000 is a drop in the bucket.
I'm getting a little misty eyed for this couple having a nearly paid off $4.5 condo that appreciated $3.4M.
Oh, the horror. Next time I won't feel bad for those residents at Mayor Wright housing - my priorities were far off.
Of course, your theoretical couple in tax friendly California (now that is funny) could always swap primary residences as the California tax rate won't change. But lets not bring common sense into the equation for the couple with a $4.5M second home whom I now need a tissue for.
3 times? $15,400 if primary residence. $38,000 by your calculated number does not make 3 times.
Plenty of people have 2/2's in Honolulu that pay less than one third of $38,000. They are being punished because they bought in a better area. They still have a 2/2, no additional utility but the tax scheme is forcing them out because the government has decided that they should pay $1o.50 per thousand instead of $3.50.
CA has it right. Just because some rich tech people can buy next door for multi millions does not mean my taxes have to match theirs. You scrape and save to have something nice and through your efforts you make your NBHD desirable so you should be forced out of what you created in your non earning years. Scrooge much? And you rationalize it because they are getting money but what they wanted was their place. boo, hiss!
Punished? They purchased it for $1.1M and now its worth $4.5M? Punished? For a second home?
I'm any other person would love that kind of punishment.
I can agree that $1.1M was a sizable amount but GEEZ, that is not Rockerfeller money even in 2001. You don't have the financials. They may have borrowed from 401K to make the purchase with $200,000 in 2001 money and their PRINCIPAL residence could be a $100,000 house in Indianapolis and they are too FN honest to try to claim Honolulu as their principal residence. They could even be in a $800 a month rental!!!
Not to go off the rails but aren't you the guy that claimed that you were in 100's of Kahala houses that never had 60's kitchens. Maybe you need to get out more. I know multiple people that one would think were "rich" but they are so far in debt that it is crazy. I have crazy rich people in my building but I also have lawyers on the board that have to scrape up past due maintenance fees to attend a board meeting.
I can generically agree that Hawaii property tax laws are low. I do not agree that they are fair.
Plenty of people have 2/2's in Honolulu that pay less than one third of $38,000. They are being punished because they bought in a better area. They still have a 2/2, no additional utility but the tax scheme is forcing them out because the government has decided that they should pay $1o.50 per thousand instead of $3.50.
CA has it right. Just because some rich tech people can buy next door for multi millions does not mean my taxes have to match theirs. You scrape and save to have something nice and through your efforts you make your NBHD desirable so you should be forced out of what you created in your non earning years. Scrooge much? And you rationalize it because they are getting money but what they wanted was their place. boo, hiss!
Huh?!? If they were doing that, they would be paying the lower "homeowner" rate. Sounds more like they are out of state residents that show up once in a while to their vacation home.
They knew there was no prop 13 in Hawaii when they bought their home, right? Why are they surprised that their property taxes went up along with the value of the home? That is pretty much how it works everywhere outside of CA.
OP would you share with us how you were chosen to inherit the house? It's a very generous thing to do and congratulations on your new home. Were you very close to your uncle?
Hubby and I have visited the islands for 15 vacations and we know Oahu very well. Whenever the topic of possibly moving to HI came up, Oahu was always our first choice.
Huh?!? If they were doing that, they would be paying the lower "homeowner" rate. Sounds more like they are out of state residents that show up once in a while to their vacation home.
They knew there was no prop 13 in Hawaii when they bought their home, right? Why are they surprised that their property taxes went up along with the value of the home? That is pretty much how it works everywhere outside of CA.
Nah, they were paying $2,900 in 2001. It went to $38,000 because they were determined to be "rich" and punished accordingly. That is not fair in any calculation.
Sorry to interrupt your programming but Hawaii News Now has breaking news from City Hall.
Hawaii News Now has learned Mayor Rick Blangiardi will eliminate higher property taxes for out of state residents with multimillion dollar second homes and tax them at the same rate as residents.
A Hawaii News Now poll has shown over 99% of Oahu residents support a higher tax rate on multimillion dollar homes for out of state residents.
When asked for comment: the Mayor said this is all about being fair. Just because you don’t live here and have a multimillion dollar home why should the pay more than a resident?
When asked how he’d make up that revenue shortfall - the Mayor replied - well, we will either raise everyone’s property tax but in my I want to fair mode - I don’t think it’s fair taxpayers fund public housing since most aren’t in public housing and The Bus - since not every rides The Bus. So we are going to raise The Bus fares and cut public housing housing.
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