Island Councils Look to Cut Taxes on Homeowners
The Honolulu City Council is reviewing a series of measures designed to reduce property taxes on homeowners, according to the Honolulu Advertiser. The provisions of those bills range from exempting a higher portion of a home's value from taxation, to restructuring the tax and offering credits for those below a certain income level.
Such measures are in line with various efforts across Hawaii in the wake of rising property taxes as home values reach record highs. For example, Oahu's residential properties skyrocketed 26 percent in a year, meaning higher tax bills for homeowners unless tax rates are reduced.
Councilwoman Ann Kobayashi, who heads the City's Budget Committee, said the council is studying one proposal that would limit property tax amounts to 3 percent of a family's income. Another proposal, akin to California's Proposition 13, would only allow the tax rate to increase by a set amount each year.
Meanwhile, on neighboring Kauai, the Mayor and County Council said they would seek their own property tax relief measures. This action comes after 5th Circuit Judge George Masuoka invalidated a voter-approved amendment to roll back property taxes to 1998-99 levels.
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