Home exemption tax breaks for seniors....only Honolulu or Honolulu metro area?

[whtviper1]

Originally Posted by Dreaming of Hawaii

This is what I DO know -- Hawaii doesn't have anything like Prop 13 (thank goodness).

What's wrong with prop 13? It's a lifesaver for long term homeowners in CA (I'm a former CA resident and still own property in SF).

[rya96797]

Originally Posted by SFBayBoomer

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?

the mayor/city council controls the property tax rates and exemptions.

[dimfeld]

Originally Posted by whtviper1

What's wrong with prop 13? It's a lifesaver for long term homeowners in CA (I'm a former CA resident and still own property in SF).

I don't remember the details anymore, but some time this decade Prop 13 became a popular scapegoat for the state's ongoing lack of financial responsibility. Something along the lines of "we wouldn't be in this budget crisis if all those homeowners who bought 40 years ago were paying their fair share of property taxes!"