Occupying the property for at least 270 days of the year.To be eligible, proof of this is necessary. Home exemption can only be claimed when the property is the primary residence of the owner. It can also apply to properties with an assessed value lower than $1,000,000 in cases where the owner cannot apply or is not eligible claim the home exemption. This rate is used in cases where the homeowner claims homeowners exemption, regardless of the assessed value of the property. The residential rate is 0.35% of assessed value. Here, we'll take a look at the details of each tax bands and any applicable exemptions. There are three tax bands in Honolulu for residential properties. The amount you pay for your City and County of Honolulu property tax depends on the tax band into which your property falls. You can't qualify for an exemption if your property is a vacation home or rental. Only homeowners who live in their property are eligible for home exemption. Once the assessed value has been calculated, any exemptions for which you are eligible are subtracted from the value. This notice reports the assessed value of their property. Afterward, the owners of the properties that have been valued receive an annual notice of assessment in the mail. The tax office performs mass appraisals once a year. The accrued data is used to generate a value for a number of homes simultaneously. Otherwise, properties tend to be valued by a mass appraisal.Ī mass appraisal comprises data on home types, neighborhood, and a range of other factors. With new homes, or recently remodeled homes, the property is usually visited individually to form an assessed value. You should know that this value will be different from the market value of the property (e.g. An appraisal team from the tax office comes up with this figure. Assessed value simply means the monetary worth of the property according to the tax office. In Honolulu County, tax bands are based on the assessed value of a property. How Are Tax Bands Determined in Honolulu County? We'll explain more about exemptions later in the article. Better yet, exemptions mean that the actual paid tax rate for many properties is even less. Tax rates in Honolulu are considerably lower than other parts of Hawaii. They do not account for any exemptions that can be applied. These are the rates per building or land plot. The following tax rates show considerable variation between the counties of Hawaii. Variation in Property Tax Between Islands Once your tax band has been determined, any applicable exemptions are applied. This is determined by county officials in an appraisal. The property tax that you pay in each county depends on a home’s assessed value. That being said, all of them use relatively similar systems. Each county in Hawaii is responsible for its own property tax administration and collection. How Does Property Tax Work in Hawaii?Īll properties in Hawaii are subject to a tax rate. Check out our guide below for a clear breakdown of Oahu property tax. But, in the Hawaiian islands, cars, boats and vehicles are not subject to property tax.Īll these different rules and tax exemptions can make Honolulu property tax a complex matter to figure out. Residential properties in Hawaii are taxed. Some homeowners are eligible for homeowners' exemptions of up to $160,000. One of the main reasons that property taxes are low in Hawaii is that the state provides large exemptions for many properties occupied by their owners. However, tax payments are still lower than in many other states. The value of homes in Hawaii is higher than anywhere else in the U.S., averaging at $563,900. Of all the states, Hawaii's tax rate of 0.27% is the lowest in the whole nation. We offer an overview of property tax in Hawaii and specific information for those in the City and County of Honolulu. Confused about property taxes in Honolulu County Hawaii? Here, we provide a guide to how property tax works, how much it costs, and when you have to pay it.
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