Hawaii County Council will hold a public hearing on proposed property tax rate increases for non-resident and second home properties to address a $15 million budget deficit. Owner-occupied homes would see slight tax rate reductions.
- Properties worth $2-4 million would see tax rates rise from $11.10-13.60 to $12.10-15.00 per $1,000 of taxable value.
- A new ‘luxury’ tier for properties over $4 million sets rates at $17 per $1,000, with revenue funding affordable housing programs.
- Owner-occupied homes receive a 20-cent rate reduction to $5.75 per $1,000, though actual tax bills may not decrease due to property value increases.
- The tax changes aim to close a $15 million county budget shortfall while providing relief to local residents facing rising living costs.
Source: Honolulu Star-Advertiser
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