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Beginning tax year 2024-2025, the home exemption will be $120,000 for homeowners under the age of 65 as well as for homeowners who do not have their birthdate on file. This means that $120,000 is deducted from the assessed value of the property and the homeowner is taxed on the balance.
To assist Oahu property owners seeking information on home exemptions and other common tax relief programs. It explains how to qualify for exemptions which reduce the net taxable assessed value of the property used in determining the property tax.
Affordable Rental Housing - During Construction. Affordable Rental Housing - Initial and Annual. Miscellaneous Forms. Change of Status - Exemption Claims & Mailing Address. Remission of Taxes In Case of Natural Disasters. For Enterprise Zoned Areas and Information.
The City and County of Honolulu offers a real property tax credit to property owners who meet certain eligibility requirements. If you qualify, you are entitled to a tax credit equal to the amount of taxes owed for the 2024 – 2025 tax year that exceed 3% of the titleholders’ combined total gross income.
The eligibility requirements for the City’s Real Property Tax Credit Program are as follows: Homeowner must have a home exemption in effect at the time of application and for the subsequent tax year. Any of the titleholders do not own any other property anywhere.
As an alternative, if you are unable to obtain a Tax Return Transcript, submit Page 1 and 2 of your 2023 1040 Federal Tax Return or Pages 1, 2, and 3 of your 2023 1040-SR Federal Tax Return. 1. INCOME AND DOCUMENTS WORKSHEET. All Titleholders must complete this form.
The City and County of Honolulu offers a real property tax credit to property owners who meet certain eligibility requirements. If you qualify, you are entitled to a tax credit equal to the amount of taxes owed for the 2023 – 2024 tax year that exceed 3% of the titleholders’ combined total gross income.
CLAIM FOR REAL PROPERTY EXEMPTION ON OAHU. DEADLINE – SEPTEMBER 30, 2022. HOME EXEMPTION. The information below was obtained through the City and County of Honolulu and should be verified at www.realpropertyhonolulu.com. Basic home exemption for real property taxes on Oahu property is $100,000.
Bill 40 (2022) CD1, FD1, signed into law by Mayor Blangiardi, has raised the home exemption amount to $120,000 for Honolulu homeowners under the age of 65 and $160,000 for those over the age of...
Sept. 30 is the deadline for homeowners to apply for $120,000 off the taxable value of an owner-occupied home. If you’re over 65, the exemption is $160,000. In July 2023, the Honolulu City Council passed Bill 40, increasing the deduction from $100,000 to $120,000.