Land's assessed valuation increase

[Wendy]

Does Hawaii have a cap on real property taxes for homeowners?

In Florida, each year, our property is reassessed and any change from the prior year's value is not to exceed the lower of 3% of the assessed value for the prior year or the percentage change in the Consumer Price Index. In no instance may any assessment exceed market value.

Just wondering if Hawaii has some sort of protection for homeowners besides the homestead exemptions.

[alohatile]

Can anyone tell me how the property tax system works there? I've asked and everyone tells me that it is sort of fly by night?

What is the percentage, and how often can they reassess the value? In Texas it is really awful. It's 3% and property is assessed every year. They don't have state income tax but it's a real killer for out of work or retired folks to keep up with the insane increases that have occured there.

In California its 1.5% per year and frozen at your purchase price (with a small cost of living increase every year). There is a state income tax, but if you have no income then you obviously pay no taxes. In Venice, CA, On a 50k condo I pay about $750/yr while in Texas my 85k house was $2500.
I sold the Texas house once I realized that I WOULD not retire there. I don't want to live somewhere that I can't count on how much it will cost...ie. imagine living on a fixed income, it's year 2010 and realestate speculation has gone even more beserk and you lose your home cuz you can't pay taxes.

Prop 13 is a good idea. I think Oregon has the same system.