Hawaii Property taxes are on the rise for the island of Oahu.  The prior rate was $3.29 per $1,000 of assessed valuation.  The rate for 2010 is $3.42 per $1,000 of assessed value.

As you search on the internet for Hawaii Property For Sale, you may run across something like this or similar to this:

A simple way to figure out the taxes is to look at the "Assessed Value Total"....in the example above, it is $700,300.  Get rid of the last two zeros and substitute the comma with a decimal point so that your new figure is 700.3.  Now multiply that by $3.42 which will give you the yearly Oahu Property Tax of $2,395.  Divide that number by 12 and you get $199.59 which would be your monthly tax.  Pretty easy isn't it?

In the example above, you notice that the item titled "Home Exemp" is 0.   If you are an owner occupant of your home, you may be entitled to a Honolulu County Property Tax Exemption of either $80,000 (up to age 65) or $120,000 (for age 65 and older).  To view eligibility requirements, visit this website Honolulu Property Tax.  Don't forget to file your exemption if you determine you are eligible!  The deadline for applications is September 30^th, 2009.

If you are quailed for the exemption, you can deduct the appropriate amount from the "Assessed Value Total". 

Assume that you are under age 65 and are qualified for an $80,000 exemption.  Subtract $80,000 from $700,300 and you get $620,300.   Using the simple math formula that I described above, your multiplier is 620.3.  Multiply by $3.42 and your Oahu Property Tax for one year would be $2,121, a savings of approximately $274 per year.

For more information on purchasing Hawaii real estate, contact David and Tonya Kucic of RE/MAX Honolulu.

Phone: (808) 218-9338

Email: david@davidkucic.com