I will propose that the property tax home exemption brackets start at $140,000 for residents under 60 years old, create a new category of a $180,000 exemption for residents 61-70 years old, and a kupuna category for 70 years and older of a $200,000 exemption.
- Residential property taxes are determined by adding the net taxable land & building value, dividing it by 1,000, and then multiplying it by the tax rate of $3.50.
- Currently, the property tax homeowner and occupant exemptions start at $100,000 for 65 and under and $140,000 for 65 and older.
- In July 2021, the Oahu Real Property Tax Advisory Commission reported that out of a total of approximately 156,000 property tax exemptions granted by the City for Fiscal Year 2021-22, 148,839 were home exemptions and 42 percent were from residential properties.
- Many kupuna live on a fixed income and rising property taxes aren’t sustainable for their budget.
- If kupuna are able to keep their houses and lands, they can pass them on to future generations and keep families in Hawaii.
- In a resident’s golden years, they should not be faced with the stress of working just to stay in their home.