About 842 “ultra luxury” homes on Hawaiʻi Island are worth at least $4 million, and the county’s lawmakers could add a new, higher property tax tier for them.
The Hawaiʻi County Council’s Bill 128 would establish a third tier for residential property taxes, adding to the two existing tiers — one for properties valued under $2 million and the other for over that threshold. It passed through its first council reading on Wednesday.
Earlier this month, County of Hawaiʻi officials said those high-value homes currently net the county about $13 million annually under the current two-tier structure, and supporters say a third tier would add to the county’s revenue equitably…