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3% cap is on the assessed value and my preliminary reading is not clear if it only applies to the building or total assessed value -- check with the county for that.
Homeowners are also assessed at a lower rate (per thousand) than non-owner occupied properties. Live in your home and you can avoid a lot of property tax. I am not kidding when I say that I pay more in property taxes for one lot in Kapoho than I do on my home and that's been true for years.
Another thing to keep in mind is that (at least for me) the standard homeowner's exemption is $40,000 but starting in 2005, an additional exemption of 20% of the total assessed value was passed. For example, my exemption is actually almost $70,000 after the 20% was added on.
I won't say any amounts, but let's just say that I am happy with my assessed value.
John Dirgo, R, ABR, e-PRO
Aloha Coast Realty, LLC
808-987-9243 cell
http://www.alohacoastrealty.com
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John, does one have to register for the extra 20% exemption, or is it automatically added on to the owner-occupant exemption? Thanks.
Cheers,
Jerry
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Yes, Damon, that was pretty much what I was thinking about, although a grid or spreadsheet would be easier to compare side-by-side.
Just another thought that doesn't relate directly to this tax discussion: household energy use in Hawaii must be relatively cheap, i.e. not much of a heating/AC bill, if any. As I recall from my childhood days, we had no AC, and I'm not positive we even had a heater. In the month or two of chilliness in the winter, I vaguely remember just putting on a sweatshirt or a light sweater once in awhile.
By comparison, my AC bills in Bakersfield, CA, routinely run $300 - $400 per month from May pretty much straight through to late October (it's freekin' hot here most of the summer), then heating bills run $250 - $350 from mid-December through February. The other 4 months a year, it's about $150-$200, which represents the baseline cost of lights, hot water, cooking, tv, etc., which is probably comparable anywhere you live. I live in a 1,750 sq. ft. well-insulated house. I've never calculated a total yearly bill, but it's got to be upwards of $3,000 - $3,500.
I know this is apples and oranges, and I don't want to derail this thread, but I'm just throwing it out there as one of the costs of living, that I can almost rationalize as a tax. I know it's not; I could sweat in the summer and shiver in the winter and save money, and taxes are not voluntarily controllable in that way. I'm just saying it's an additional cost of living that most Hawaiians don't have to pay. Wonder what the heating bills are in Minnesota, AK, or NJ?
Aloha! ;-)
Aloha! ;-)
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quote:
Originally posted by kani-lehua
okay. let me apologize in advance again! this is in regards to a "trust" property (my aunt's) that was sold in 2001. when it was "assessed" (sorry, don't recall the actual amount), our realtor told us to put it on the market for 5% above the assessed value. we got six offers well above the asking price and "sold" it in one day. my question: is that how the "market value" is computed? and who determines the value, the realtor or the county? i know there was an analysis done regarding similiar houses that had sold in the area and it turned out that the amount we were asking was comparable to those. the "market value" is not shown on the assessment for o'ahu.
malia paha o lohe aku
perhaps they will hear
You most likely hired a scumbag to sell your property ]
Aloha,
John S. Rabi ABR,CM,CRB,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
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quote:
Originally posted by mgeary
To David M.:
You probably know this already, as should everybody, I would think, but each state has the ability to generate revenues in a variety of ways. Our total tax burden (total state tax revenues) are a combination of income, property, sales, corporate, vehicle, and lots of other taxes, plus user fees for hunting and fishing licenses, professional licenses, toll road and bridge fees, etc.
Each state has the ability (the principle of Federalism) to set whatever rates they choose for each of the above, or have none of any particular category of revenue generator.
Kahunascott says his NJ property taxes are $13k, vs <$500 in HI, but I wonder how the income taxes, sales taxes, etc., compare. NV has no income tax whatsoever, I believe. ID has comparatively high liquor taxes, and I can remember my grandparents stocking up on liquor when they came to CA to visit.
Expenditures have little or no relationship to revenues, at the state and Federal levels. Which irritates me when I see our CA gasoline, vehicle, and other transportation tax money going to fund exorbitant school expenditures on a failed school system, while the roads deteriorate.
I know there are websites which could provide a state-by-state comparison of total tax burdens, I'm just too lazy to look one up to post here. Damon, you busy? It's a chilly, stormy spring day here in CA, but I have to fix my spriklers, anyway.
Aloha! ;-)
No need to wonder, all ya’ gotta’ do is ask.
Income tax bracket when I lived in NJ was 33% on a six-figure salary.
Add just under $13K for property taxes.
Add 6% sales tax in NJ and another 4% (I think) NYC sales tax when shopping in the city.
Add the mortgage to that and you can see why we’re here.
Just do the math.
Paid cash for the house.
RE taxes under $500/ year.
And I’m in an 18% income tax bracket.
"Many dreams come true and some have silver linings, I look for my dreams and a pocket full of gold" Led Zeppelin
If you think health care is expensive now, wait until you see what it cost when it’s free...now here come the taxes.....
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Jerry, the 20% is automatic. However, I'm not certain that its a "forever" thing -- it may be a case of the Council renewing that 20% every year (unlike the 3% cap which is law).
John Dirgo, R, ABR, e-PRO
Aloha Coast Realty, LLC
808-987-9243 cell
http://www.alohacoastrealty.com
quote:
Originally posted by StillHope
Haven't got my tax bill yet.....
quote:
Originally posted by John S. Rabi
Your tax was due in February and if you didn't get that tax bill you certainly should call the tax office....
I sure hope you didn't purchase one of these "Lo'ihi Seaview Estates: Real Estate for the Future. Grand Water View Front Lots."
The Web site advertises, "Lo'ihi Seaview Estates: Real Estate for the Future. Grand Water View Front Lots."
If you did. You probably won't see your "tax" bill for a long time.
-------
Happy St. Patricks Day
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quote:
Originally posted by John S. Rabi
quote:
Originally posted by kani-lehua
okay. let me apologize in advance again! this is in regards to a "trust" property (my aunt's) that was sold in 2001. when it was "assessed" (sorry, don't recall the actual amount), our realtor told us to put it on the market for 5% above the assessed value. we got six offers well above the asking price and "sold" it in one day. my question: is that how the "market value" is computed? and who determines the value, the realtor or the county? i know there was an analysis done regarding similiar houses that had sold in the area and it turned out that the amount we were asking was comparable to those. the "market value" is not shown on the assessment for o'ahu.
malia paha o lohe aku
perhaps they will hear
You most likely hired a scumbag to sell your property![}]
Aloha,
John S. Rabi ABR,CM,CRB,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
no, john. she's not a scumbag. she works at century21. the amount that we listed the aforementioned property for or the "5% + the assessed value"= the market value or came pretty darn close to the other properties that were either selling or sold at the time. frankly, i would never have paid that much for the home. i think what really sold it was the location not the price.
malia paha o lohe aku
perhaps they will hear
"a great many people think they are thinking when they are merely rearranging their prejudices."
w. james
Posts: 2,314
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Joined: Jun 2003
[/quote]
no, john. she's not a scumbag. she works at century21. the amount that we listed the aforementioned property for or the "5% + the assessed value"= the market value or came pretty darn close to the other properties that were either selling or sold at the time. frankly, i would never have paid that much for the home. i think what really sold it was the location not the price.
[/quote]
I am sorry. You didn't say the "5% + the assessed value" was actually the market value.
Aloha,
John S. Rabi ABR,CM,CRB,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
Posts: 1,139
Threads: 42
Joined: Feb 2008
eh, john! no apologies necessary. i went back and re-read my original post and it did sound a little confusing. what she did was take the assessed value and added on another 5% to come up with the "market value". and, that amount turned out to be comparable to the other listings.
malia paha o lohe aku
perhaps they will hear
"a great many people think they are thinking when they are merely rearranging their prejudices."
w. james
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