Bizwala September 2024 Newsletter

Dude…I Lowered My Taxes

Submit your Claims for Home Exemption by September 30, 2024.
These must be filed with the city and county of Honolulu Real Property Assessment Division for the 2025-2026 tax year, beginning July 1st. If you are a homeowner under the age of 65 (or if you have no birth date on file), the exemption amount is $120,000. If you’ve reached the age of 65 by June 30 of the prior tax year, the exemption amount is $160,000. If you miss the filing deadline, you may delay or lose the exemption for the next tax year. If you do not have a home exemption, it may result in much higher Residential A tax rates. This would apply to certain properties with values of $1,000,000 or more.
To be eligible for the home exemption, you must meet these criteria: You must own and occupy the property as the main residence, ownership must be recorded at the Bureau of Conveyances, Hawaii State, on or before september 30 preceding the tax year for which the exemption is claimed. The claim must be filed with the Real Property Assessment Division, Department of Budget and Fiscal Service, on or before september 30 preceding the tax year for which the exemption is claimed. According to Honolulu Real Property Tax Assessment Division, owners with an existing home exemption and their birth date on file no not need to re-apply for the new amount.

Contact us for any questions you have. 808.339.1313.

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Did you know? In the 1960s, astronauts trained for moon voyages by walking on Mauna Loa’s hardened lava fields, which resemble the surface of the moon.

Real Estate Tip of the Month: Apply for exemption claims if you qualify! These home exemptions can significantly lower your taxes.

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