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FOR IMMEDIATE RELEASE                                                                                       

August 22, 2005

Release No. M-58

 

 

MAYOR SIGNS PROPERTY TAX RELIEF BILL INTO LAW

 

            Mayor Mufi Hannemann today signed into law Bill 6, CD2, which provides real property tax relief to more homeowners on Oahu by raising the income ceiling and lowering the tax liability threshold.

 

The new law provides a tax credit for real property taxes owed in excess of 4 percent of the title holders’ combined income if these conditions are met:

 

·       The owner has been granted a homeowner’s exemption for that property.

·       The title holders’ combined income for the preceding calendar year does not exceed $50,000.

·       None of the title holders owns any other real property anywhere.

·       The title holders have not violated the City’s property tax ordinances.

 

“This is a good first step to spare the neediest homeowners from the effects of skyrocketing property values,” said Mayor Hannemann. “We are mindful that larger numbers of homeowners want property tax relief, and we will continue to work with the City Council to identify ways to achieve that.”

 

The previous ordinance made the cutoff 5 percent and pegged the income limit for relief to persons who classify as “very low income” under federal definitions.

 

The new law will apply to property taxes for the fiscal year beginning July 1, 2007. Taxpayers wishing to seek the credit would have to apply for it by September 30 of the preceding year. In other words, homeowners who wish to apply for the credit may do so by September 30, 2006.

 

The mayor also reminds homeowners to make sure they are receiving all of the real property tax exemptions to which they are entitled, beginning with the basic homeowners exemption of $40,000 from the assessed valuation of their residence. The deadline for applying for exemptions is September 30. For more information, see the website www.honolulupropertytax.com or call the Real Property Tax Division, 523-4856.

 

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Contact:

Bill Brennan, 527-6928

Mark Matsunaga, 527-5767

Wednesday, October 11, 2006

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