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For new homes or homes that have been recently remodeled, this involves a personal visit to the property.

To calculate this, county officials appraise every home in their respective counties.

Taxes in each county are based on a home’s assessed value. Hawaii’s counties are entirely responsible for administering and collecting property taxes, although they all use similar systems. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

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SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. Homeowners are eligible for exemptions ranging from $80,000 to $160,000, depending on their county of residence.Ī financial advisor can help you understand how homeownership fits into your overall financial goals. average.Ī major reason Hawaii has low property taxes is that it offers generous exemptions on owner-occupied residences. Although the state’s median home value of almost $772,500 is higher than that of any other state, the typical Hawaii homeowner pays just $1,971 in property taxes each year. The average effective property tax rate here is just 0.27%. that has a lower property tax rate than Hawaii. You may appeal the newly assessed value only between December 15, 2021, to January 15, 2022.Hawaii Property Taxes Photo credit: ©/jewhyte The new tax assessment notices for the fiscal year 2022 (starts July 1, 2022) will be sent by December 15, 2021. 65 years and older: $140K (you must be 65 years of age by June 30th preceding the tax year the exemption is filed).Īdditional home exemption age brakets that were previously available have been eliminated.The standard home exemption amount is: $100K.See related article: Claim Your Honolulu Home Exemption Oahu’s Home Exemption Brackets: Oahu tax bills will be mailed to property owners by July 20, 2021, and payment is due by August 20, 2021.

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See related article: Two Tips How To Lower Your Honolulu Property Tax The home exemption reduces your property tax rate to the low $3.50 per $1,000 (0.35%) residential rate starting July 1 st, 2022. If you are eligible, as an owner occupant you may claim your Home Exemption by September 30, 2021, but only if the property is your primary residence.

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– Example: A residential property without Home Exemption and a net assessed value of $2Mill is taxed $15,000/y ($4.5K on the 1 st $1Mill plus $10.5K on the additional value above $1Mill). If you own residential property on Oahu other than your principal residence (No Home Exemption – either a 2 nd home or a rental property) with a tax assessed value above $1Mill, your blended property tax rate is $4.50 for the assessed value up to $1Mill, plus $10.50 for any portion of the assessed value above $1Mill. This Is How The Two-Tiered Residential Rate ‘A’ Gets Calculated: – Residential ‘A’ only kicks in if your property’s tax assessed value is $1Mill or above. If you own a residential property on Oahu other than your principal residence (No Home Exemption – either a 2 nd home or a rental property) with a tax assessed value below $1Mill, your property tax rate is $3.50. Residential lots zoned R-3.5, R-5, R-7.5, R-10, R-20, with either one or two single-family homes, without Home Exemption.Condominium units without Home Exemption.Oahu’s property tax rate Residential ‘A’ applies to the following properties with a tax assessed value at $1Mill or above: Hawaii Prop Tax Rates 2021 – 2022 Recap – Oahu’s Two-Tiered Residential Rate ‘A’:įor residential properties other than your principal residence (No Home Exemption, this is either a 2 nd home or a rental property) with an assessed value at $1Mill or above, the assessed value above $1Mill is taxed at $10.50 per $1,000 assessed value (1.05%).