The Honolulu City Council has approved Bill 42 which has created a new tax classification for residential properties valued $1 million or more. Currently, owners pay $3.50 for every $1,000 of assessed value. The tentative plan would be to increase the tax amount to $4.50 for ever $1,000 of assessed values for non-owner occupant homes valued at more than $1 million. This would generate an additional $10 million per year for the city of Honolulu. Bill 42 will not affect owner occupants who have filed for homeowners exemption.
Source: Honolulu Star Advertiser, 9-15-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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