2021 hawaii income tax brackets how to#

See related article: Two Tips How To Lower Your Honolulu Property Tax The home exemption reduces your property tax rate to the low $3.50 per $1,000 (0.35%) residential rate starting July 1 st, 2022. If you are eligible, as an owner occupant you may claim your Home Exemption by September 30, 2021, but only if the property is your primary residence.

– Example: A residential property without Home Exemption and a net assessed value of $2Mill is taxed $15,000/y ($4.5K on the 1 st $1Mill plus $10.5K on the additional value above $1Mill). If you own residential property on Oahu other than your principal residence (No Home Exemption – either a 2 nd home or a rental property) with a tax assessed value above $1Mill, your blended property tax rate is $4.50 for the assessed value up to $1Mill, plus $10.50 for any portion of the assessed value above $1Mill. This Is How The Two-Tiered Residential Rate ‘A’ Gets Calculated: – Residential ‘A’ only kicks in if your property’s tax assessed value is $1Mill or above. If you own a residential property on Oahu other than your principal residence (No Home Exemption – either a 2 nd home or a rental property) with a tax assessed value below $1Mill, your property tax rate is $3.50. Residential lots zoned R-3.5, R-5, R-7.5, R-10, R-20, with either one or two single-family homes, without Home Exemption.Condominium units without Home Exemption.Oahu’s property tax rate Residential ‘A’ applies to the following properties with a tax assessed value at $1Mill or above: Hawaii Prop Tax Rates 2021 – 2022 Recap – Oahu’s Two-Tiered Residential Rate ‘A’:įor residential properties other than your principal residence (No Home Exemption, this is either a 2 nd home or a rental property) with an assessed value at $1Mill or above, the assessed value above $1Mill is taxed at $10.50 per $1,000 assessed value (1.05%).

2021 hawaii income tax brackets