Honolulu homeowners who live in the home they own are getting a bigger break on their property tax bill—the city has raised the home exemption, and the bump reduces the taxable value of owner-occupied homes by $20,000 more, which can lower your tax bill depending on your rate.
According to the city’s revised Real Property Assessment guide, the standard home exemption for owner-occupants under 65 rises to $120,000, up from $100,000. Homeowners 65 and older get an even larger cushion: $160,000, up from $140,000. Those amounts are deducted from your assessed value before your tax rate is applied—a bigger exemption means a lower taxable base.
To qualify for the senior amount, you must turn 65 on or before June 30 preceding the tax year you’re claiming.
The September 30 deadline is the one to watch
If you’ve never filed for the home exemption—or if you moved into a new principal residence—you need to file a claim by September 30. Miss that date and you’ll wait another full year…