Home Exemption on Oahu

 

If you are buying a home in Hawaii, and you plan to use it as a primary residence, you may qualify for a home exemption.

A home exemption is an amount that is deducted from the assessed value of the property. On Oahu, the basic home exemption is $100,000 and if you are 65 years and older the home exemption amount is $140,000. The remaining balance (assessed value minus home exemption amount) is taxed at the current residential real property tax rate of $3.50 per $1000.

The home exemption isn't automatic. You have to file on or before September 30 preceding the tax year for which you claim the exemption.

To learn more about the home exemption, you can visit the City and County website or you can consult a CPA for tax advice. If this is your first time filing for home exemption, click on the link.

I hope you found the information helpful; if you need help finding your dream home in Hawaii, call Desi at 808-783-6333.

Aloha🌺