Hawaii Home Exemption
The home exemption in Hawaii aims to provide tax relief, encourage home ownership, and land settlement. The basic home exemption for homeowners is based on age:
- Under 60 years: $40,000
- 60-69 years: $80,000
- 70 years or older: $100,000
- Additional exemptions apply for seniors over 60 years.
Property Tax Rate in Hawaii
Hawaii boasts the lowest property tax rate in the United States at 0.28 percent. However, the typical yearly tax payment in the state is $1,871, more than the national average due to the high median house value of $669,200.
Hawaii Property Tax Information
- The tax rate for Hawaii property tax varies by county and specific property classification, expressed as a percentage of the assessed value.
- Factors like median home value play a role in calculating property tax.
- Properties in Hawaii are assessed at a county level, with each island having its rate structure and exemption qualifications.
- Tax rates may change annually and can differ among counties in Hawaii.
Honolulu Tax Information
- In Honolulu, property taxes run from July 1st to June 30th of the following year, with payments due in two even installments.