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Allow homeowners to claim exemption


POSTED: 01:30 a.m. HST, Aug 07, 2014

~~<p>The city never intended to nearly double the real property tax rate for owner-occupants of expensive homes. The point of carving out a separate Residential A tax class was to allow the municipal government to charge investors a higher property-tax rate on second homes worth $1 million or more, while protecting homeowner-occupants whose primary residences are worth that much.</p>
<p>Most owner-occupants have an existing exemption that automatically excludes them from the new, higher tax class. But not everyone who qualifies for the exemption applied for it, and some were therefore shifted over to the Residential A class. Now that the city realizes this, it should approve the limited relief contained in Resolution 14-179, which will be heard by the City Council on Aug. 13.</p>
~~

The city never intended to nearly double the real property tax rate for owner-occupants of expensive homes. The point of carving out a separate Residential A tax class was to allow the municipal government to charge investors a higher property-tax rate on second homes worth $1 million or more, while protecting homeowner-occupants whose primary residences are worth that much.

Most owner-occupants have an existing exemption that automatically excludes them from the new, higher tax class. But not everyone who qualifies for the exemption applied for it, and some were therefore shifted over to the Residential A class. Now that the city realizes this, it should approve the limited relief contained in Resolution 14-179, which will be heard by the City Council on Aug. 13. Login for more...



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