Home exemption filing deadline approaching!
Did you purchase or sell a home in the past year?
If so, you have 25 days to make sure you have your home exemption. The deadline is September 30th.
What does this mean?
If you purchased your primary residence you are allowed a home exemption on your property taxes. It starts at an $80,000 exemption off your assessed value and goes up to $120,000 once you pass 65 years of age. You do not have to reapply once you do it as it goes up automatically based on your age.
Since you are taxed at $3.50 per thousand of assessed value, the basic exemption is worth a cool $280 in real savings to you annually ($420 if you are past 65 years old). The real kick in the shorts comes if your property is assessed at over $1 Million and you DO NOT have the exemption. You will be taxed at $4.50 (per thousand of value) for the first million of value and $9.00 (per thousand of value) for any value over that.
So, if you have a home assessed at $1.7 Million, for example, and you are an owner-occupant with an exemption, your annual property tax should be $5,670.
If you forget to file… your tax bill would be $10,800. OUCH!
Here is the form you need: https://www.realpropertyhonolulu.com/media/1398/bfsrpp3.pdf
If you sold a home that had am exemption on it, you need to remove your exemption to avoid any fines: https://www.realpropertyhonolulu.com/media/1409/bfsrpp43.pdf
For more information, or to file online go to: https://www.realpropertyhonolulu.com/