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+--- Thread: Property assessments (/showthread.php?tid=976)
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RE: Property assessments - Brad W - 03-20-2007
All the potential exemptions are listed on the back of your assessment.
RE: Property assessments - John S. Rabi - 03-20-2007
You most likely can't compare your taxes with the neighbors. There is a primary residence home exemption of $40,000 which goes up to $80,000 when 60 or older and $100,000 at 70 or older. In addition, there is a little-known and not well publicized
"Non-Speculative Dedication" that freezes your taxes for 10 years.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
RE: Property assessments - doscabos - 03-20-2007
John,
Could please you elaborate a bit about the "Non-Speculative Dedication" mentioned in your post. Thanks......John
RE: Property assessments - John S. Rabi - 03-20-2007
You can designate your property to be your primary residence for 10 years. You can't rent it out and you can't run a business there either. The dedication is recorded on your deed. In exchange, the COH will freeze your tax for 10 years. If you sell (or break the dedication) before the 10 years is up then you will have to pay what your tax would have been without the dedication plus 10% penalty on that difference. (When I did mine the first time, someone actually came out to my condo from the Tax Office to check that I really lived there full time. I sold the condo two years later and bought another one. The first thing I did was to file the Dedication.)
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties