Hawaii County Council is considering raising property tax rates on non-resident and second homes to address a $15 million budget deficit, while reducing rates for local owner-occupied properties.
- Tax rates would increase most for properties over $2 million, rising from $13.60 to $15 per $1,000 of taxable value.
- A new ‘luxury’ tier tax rate of $17 per $1,000 would apply to second homes and investment properties worth over $4 million.
- Revenue from the luxury tier would fund affordable housing and homelessness programs.
- Owner-occupied homes would see a slight tax rate reduction from $5.95 to $5.75 per $1,000 of taxable value.
- Public hearing is scheduled for Tuesday to discuss the proposed rate changes.
Source: Yahoo
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