Example of Hawaii County Property Tax Calculation
Hawaii County Property Tax calculation can be a bit confusing, but it's important to understand how it works. The amount of property tax you pay is based on the assessed value of your property and the current tax rate. Here's an example of how it works:
Let's say you own a home in Hawaii County that has an assessed value of $400,000. The current tax rate for the county is 11.10 per $1,000 of assessed value. To calculate your property tax, you would first divide the assessed value by 1,000:
$400,000 รท 1,000 = $400
Then, you would multiply that number by the tax rate:
$400 x 11.10 = $4,440
This means that your annual property tax bill would be $4,440. Keep in mind that this is just an example and your actual property tax may vary depending on the assessed value of your property and the current tax rate. It's always a good idea to check with your local tax office or a tax professional if you have any questions or concerns.
If you want appeal your property tax assessment - contact your local tax assessor.
Hawaii County Property Tax Rates
The Hawaii County Property Tax rates are as follows, listed in a formatted table with columns for tax and rate per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Residential | $11.10 |
| Agricultural | $6.15 |
| Conservation | $2.72 |
| Hotel & Resort | $13.25 |
| Commercial | $10.70 |
| Industrial | $10.70 |
| Vacant | $13.90 |
These rates are subject to change and it is recommended to consult with a local tax advisor for specific information regarding individual properties.
Who sets property tax rates in Hawaii County ?
The property tax rates in Hawaii County are determined by the Hawaii County Council. This council is comprised of nine members who are elected by the residents of the county.
The council sets the property tax rates on an annual basis, typically during the budget review process. This usually occurs towards the end of the calendar year, with the new rates taking effect on July 1st of the following year.
Hawaii County utilizes a tiered tax rate system, meaning that properties are taxed at different rates based on their assessed value. The rates range from $3.75 per $1,000 of assessed value for properties valued at less than $100,000, up to $11.10 per $1,000 of assessed value for properties valued at $2 million or more.
It is important to note that property taxes are a significant source of revenue for Hawaii County, and help fund important public services such as schools, police and fire departments, and road maintenance.
Homestead exemptions in Hawaii County ?
To assist Hawaii County residents in understanding their Homestead exemptions and deductions, the following table outlines the exemption, eligibility, amount, and any important notes for each.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Basic Home Exemption | Resident | $40,000 | |
| Increased Home Exemption | Resident, over 60 years of age or with a disability | Up to $100,000 | Amount based on age and disability |
| Circuit Breaker | Resident, over 65 years of age or with a disability, household income below $100,000 | Varies by income and property value | |
| Agricultural Exemption | Property owner using land for agriculture | Varies based on land use | |
| Native Hawaiian Homestead Exemption | Native Hawaiian on Hawaiian Home Lands | Varies based on land use | |
| Residential Investor Exemption | Property owner, not a resident, renting to tenants | Up to $100,000 | Based on percentage of property used as residence |
It is important to note that eligibility requirements and exemption amounts may change. Residents should regularly check with local authorities to ensure they are receiving all applicable exemptions and deductions.
When is Hawaii County Property Tax due ?
Hawaii County Property Tax is typically due on August 20th of each year. This deadline applies to both residential and commercial properties in Hawaii County.
To make a payment, there are several methods available to property owners:
| Payment Method | Description |
|---|---|
| In-person | Payments can be made in-person at any of the following locations: Hawaii County Real Property Tax Office, participating First Hawaiian Bank branches, or participating Western Union locations. |
| Online | Payments can be made online through the Hawaii County Property Tax website. This method requires a credit card or e-check. |
| By Mail | Payments can also be made by mail with a check or money order. The payment must be postmarked by August 20th to avoid penalties. |
It's important to note that failure to pay property taxes by the deadline will result in late fees and penalties. These fees can add up quickly, so it's important to make timely payments. Property owners who are struggling to make payments should contact the Hawaii County Real Property Tax Office to discuss payment options.
If you have more questions - contact your local tax collector.
How is Hawaii County Property Tax penalty calculated ?
The Hawaii County Property Tax penalty is calculated based on the amount of unpaid property taxes as well as the length of time they have been unpaid. Here's an example of how the penalty is calculated:
Let's say that John owns a property in Hawaii County and the property taxes for the year are due on December 31st. John fails to pay the full amount of property taxes owed by the deadline and as a result, incurs a penalty.
The penalty is calculated as follows:
- Initial Penalty: A 2% penalty is added to the unpaid taxes on January 1st.
- Additional Penalty: An additional 1% penalty is added to the unpaid taxes on February 1st.
- Daily Interest: In addition to the penalties, daily interest is charged on the unpaid taxes at a rate of 0.667% per month (8% per year).
Using this formula, John's penalty for unpaid property taxes for the month of January would be 2% of the total amount owed. If John still had unpaid taxes in February, an additional 1% would be added to the total amount owed, plus the daily interest until the taxes are paid in full.
It's important to note that the penalty for unpaid property taxes in Hawaii County can increase significantly over time, making it crucial for property owners to pay their property taxes on time to avoid any additional fees.
Overall, the Hawaii County Property Tax penalty is based on the length of time unpaid taxes have been outstanding, with additional penalties added monthly until the taxes are paid in full.
We recommend contacting the Hawaii County Tax Office or a local tax professional for the most up-to-date and accurate information.