At the end of last 2013, the City and County of Honolulu passed a bill that increases the property tax rate for any non-owner-occupied homes on Oahu that valued at above $1 million. These properties, classified as "Residential A", are now required to pay $6 per $1,000 of assessed value as compared to the standard $3.50 per $1,000 of assessed value that owner-occupants are paying. While city officials are defending the increase, many high-end property owners around Oahu are furious. Some owners claims that they didn't realize that they were eligible for the home-owners exemption or didn't bother to claim it. Others simply feel that the assessment is much too high. So far almost 2,100 property owners have filed appeals with the state.
Source: Honolulu Star Advertiser, 7-31-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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