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Real Property Tax Talk
Slogging through twelve pages of contractual language and another couple of pages of additional terms is enough to put the most alert buyer sound asleep. Try as I might to insure buyers leave my office with complete recall regarding the terms of their purchase, it’s no surprise that, someplace around page 13, even though we talked about their homestead exemption, mental paralysis prevails. 
Buyers on Hawaii Island often forget that as an owner occupant if they don’t submit an exemption form with the real property tax office before June 30 or December 31st, their taxes could increase. Any previous exemption will end. Truthfully, many don’t even understand the concept of a homestead exemption. Simply stated, owners who occupy their dwellings as a principal residence (and file for the exemption) are not taxed on a portion of the assessed value of their property. Not every state is a homestead state. California, for instance, is not a homestead state. In fact, some local owners have been paying the wrong tax amount for years. The tax payment is included in their house payment so they assume it is correct. 
In this State, each County establishes their own tax rate and exemptions. Taxes are not ... more

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