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Dedication for agriculture and residential

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Dedication for agriculture and residential
canhle Offline
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#1
07-31-2007, 09:10 AM
Anyone knows how the dedication for agriculture and primary resident works?
thanks
canh

canhle
canh Le
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John S. Rabi Offline
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#2
07-31-2007, 09:18 AM
There is no such a thing as dedication for primary resident. You can file for the home owner exemption if you live here, just go to the property tax office and file the form. However, there is such a thing as "Non-Speculative Dedication" that you need to file for if you want your property tax frozen for 10 years. You can not rent your property out, you can not run a business there and you can't sell for 10 years. If you do, they will recalculate your tax plus you have to pay 10% interest on the difference, so this dedication is not for everyone.

Agricultural dedication is different. You have to provide them a very detailed list of your agricultural activity and you will be taxed based on the activity and how much of your property is used for the agricultural activity.

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canhle Offline
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#3
07-31-2007, 02:07 PM
John,
Thanks for the clarification.

canhle
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missydog1
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#4
08-02-2007, 08:22 AM
not that anyone doubts John's expertise, but in support, I was just at the Tax office in Hilo discussing my options and was given this exact information.

I would not do the dedication because I never know what life will bring ...

as for the ag use, the numbers were better with homeowners, for me, than with ag use, but I'm sure there are cases where the ag exemption would be the way to go

... but as John says, you really have to grow and SELL crops. Growing is not an issue for me, but selling on a regular basis demands a certain amount of focus, time, and marketing, that I'm not ready to commit to just now.

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jdirgo Offline
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#5
08-08-2007, 05:35 AM
I was just reading some things on the County website, and it appears that the county has amended their rules to give people the option of choosing to dedicate for 5 years or 10 years.

John Dirgo, R, ABR, e-PRO
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http://www.bigislandvacationrentals.com
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