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+--- Thread: Property Taxes Question... (/showthread.php?tid=1418)
Property Taxes Question... - Carolann R - 09-27-2007
We heard something on the news about filing something in regards to property taxes by Monday or you'll have higher property taxes...anyone know anything about it?
Carrie
"All I can say about life is, Oh God, enjoy it." Bob Newhart
RE: Property Taxes Question... - John S. Rabi - 09-27-2007
If you are a permanent resident you should file for the homeowner exemption and your property taxes will be lower. You can also file for the "Non-Speculative Dedication" and your taxess will be frozen for 10 years.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,RB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
RE: Property Taxes Question... - Carolann R - 09-27-2007
Thanks John, we found our copy already filed and returned in May of this year, so we're good. Mahalo once again.
Carrie
"All I can say about life is, Oh God, enjoy it." Bob Newhart
RE: Property Taxes Question... - emorata - 09-28-2007
john,
can you advise on what the non-speculative dedication means/includes/reduces?
thanks in advance
noel
RE: Property Taxes Question... - John S. Rabi - 09-28-2007
quote:
john,
can you advise on what the non-speculative dedication means/includes/reduces?
thanks in advance
noel
It's worth to do it if you are planning to stay there for 10 years. Once filed, you can not rent out the property, not even part of it, and you can not run a business out of there. (That's a gray area since there are many home-based businesses now.) The Non-Speculative Dedication will be recorded on your deed. If you sell before your 10 years time period is up, the COH will re-calculate your taxes based on the tax rate at the time of the sale and you will have to pay the difference + 10% of the difference as a penalty.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,RB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
RE: Property Taxes Question... - emorata - 09-28-2007
i see this only applies to owner occupied, but not any rental property/investments?
and is this a discounted rate and what percent typically?