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Council advances multiple bills to change real property tax thresholds and homeowner exemptions
Summary
The Honolulu City Council budget committee advanced multiple measures to adjust residential tax thresholds and homeowner exemptions, including Bill 34 (CD1) to create new valuation tiers and Bills 49 and 50 to expand homeowner exemptions for older residents.
The Honolulu City Council Committee on Budget moved forward several measures that reshape real property taxation including tier thresholds for residential classifications and proposals to increase homeowner exemptions for older residents.
Bill 34 (CD1), introduced by Council Member Kia Aina, would create three valuation tiers for the Residential A classification and for transient vacation units (TVUs). Under the posted CD1, the residential A tiers would be: up to $1,300,000; $1,300,000 to $3,500,000; and above $3,500,000. For TVUs the CD1 sets tiers at up to $900,000; $900,000 to $2,000,000; and $3,000,000 and above. Council Member Kia Aina said the change aims to reduce instances in which owner-occupants are reclassified…
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