The effective tax rate is the median annual tax paid in the county as a percentage of the median home value. Since exemptions vary by county, it is useful to compare effective tax rates. So if your home has a taxable value of $500,000, your annual tax bill would be $1,750. For example, the residential rate in Honolulu County is 3.5. Hawaii Property Tax RatesĬounties list property tax rates per $1,000 in taxable value. So if your home has an assessed value of $400,000 and you qualify for the exemption, you'll only be taxed on $300,000. In Honolulu County, the exemption is $100,000. This is available for owner-occupied primary residences only, meaning vacation homes are ineligible. The most common exemption is the home exemption. Once the assessed value is calculated, any applicable exemptions are subtracted before tax rates are applied. If you disagree with this value, you can appeal the decision through your local tax board. This process occurs once a year and property owners are sent annual notices of assessment which list their property’s assessed value. Most other properties are subject to a mass appraisal, though.Ī mass appraisal uses data on neighborhood, home type and other factors to value a large number of homes at once. For new homes or homes that have been recently remodeled, this involves a personal visit to the property. To calculate this, county officials appraise every home in their respective counties. Taxes in each county are based on a home’s assessed value. Hawaii’s counties are entirely responsible for administering and collecting property taxes, although they all use similar systems. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
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SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. Homeowners are eligible for exemptions ranging from $80,000 to $160,000, depending on their county of residence.Ī financial advisor can help you understand how homeownership fits into your overall financial goals. average.Ī major reason Hawaii has low property taxes is that it offers generous exemptions on owner-occupied residences. Although the state’s median home value of almost $772,500 is higher than that of any other state, the typical Hawaii homeowner pays just $1,971 in property taxes each year. The average effective property tax rate here is just 0.27%.
that has a lower property tax rate than Hawaii. Hawaii Property Taxes Photo credit: ©/jewhyte
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