The Honolulu City Council is a proposing to create a new tax classification for houses and condominiums valued at $1 million or more. Under this proposal, the city would be allowed to tax them these owners at a higher rate than other residential properties. However, under Bill 42, those residents who are occupying the property as their primary residence and who have filed for home exemption would not have to pay any extra taxes. Mayor Kirk Caldwell has stated that he supports the bill if it is passed by the Honolulu City Council.
Source: Honolulu Star Advertiser, 9-11-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
