Real Property Taxes For Oahu - Honolulu County

If you are looking to purchase Oahu real estate, you need the real property tax rates for Honolulu County. Oahu real property taxes are among the lowest in the country. 

PLEASE NOTE: The entire island of Oahu is Honolulu County. The other Hawaii counties are Maui, Hawaii and Kauai and there are different property tax rates for these counties.  Real property taxes are significantly higher on Maui, Kauai & The Big Island than they are on Oahu.

Oahu Property Tax Rate - Residential Property*
July 1, 2015 - Jun 30, 2016

$3.50 per $1,000
of assessed value, minus exemptions.
*owner occupied properties only - Residential A, non-owner occupied
properties over $1M are $6.00/$1,000 in assessed value.)

REAL PROPERTY TAX EXEMPTIONS

Many people are also eligible for Real Property Tax Exemptions on their Oahu real estate.  The amount of the tax exemption depends on your age, income and how you use the property (personal residence or investment).

Currently, the regular owner-occupied exemption is $80,000. If you are 65 or older then the exemption goes up to $120,000. There are additional exemptions for persons over 75 in low-income households.

As mentioned before, the Property Taxes for each County (Island) in Hawaii may Vary. See this helpful flyer on Real Property Taxes in Hawaii from Title Guaranty Hawaii

REAL PROPERTY CONVEYANCE TAX

There is also a Real Property Conveyance Tax, which typically is paid by the seller of Real Property, as part of his or her closing costs.

The amount of conveyance tax paid by the Seller will vary depending upon the purchase price of the property and what the Buyer of the property plans to do with the property (owner-occupied, resident or non-owner occupied, investor). 

The current rate structure for property conveyance taxes:

 

Single Family
with Home Owner Exemption
PriceConveyance Tax
Data current as of August 2012
Value <$ 600,000 .001 of Sale Price
$600K < $1M  .002 of Sale Price
$1M < $2M .003 of Sale Price
$2M < $4M .005 of Sale Price
$4M < $6M .007 of Sale Price
$6M < $10M  .009 of Sale Price
Value >$10M .010 of Sale Price
Residential
without Home Owner Exemption
PriceConveyance Tax
Data current as of August 2012
Value <$ 600,000 .0015 of Sale Price
$600K < $1M .0025 of Sale Price
$1M < $2M .0040 of Sale Price
$2M < $4M .0060 of Sale Price
$4M < $6M 0085 of Sale Price
$6M < $10M .0110 of Sale Price
Value >$10M .0125 of Sale Price

HARPTA/FIRPTA

HARPTA and FIRPTA are laws that require an escrow company to withold from a Seller of real property amounts that may be owed, respectively, due to state and local taxes. This is not a special or additional tax. If you do not owe capital gains tax on the sale of property, either these withholdings will not be done or you will receive a refund of the amounts withheld. These withholdings will apply, if at all, only to non-Hawaii residents and foreign sellers of Hawaii real property.


For more information, see HonoluluPropertyTax.com and RealPropertyHonolulu.com

All information on this site is believed to be reliable but is expressly not guaranteed. Blog Posts by various authors are the opinions of the author only and do not necessarily reflect the position of Home Shoppe Hawaii or other contributors. This blog does not give legal or tax advice and readers are encouraged to check with licensed professionals for advice on any specific topic and to verify any information herein. Questions? Please contact Yvonne Jaramillo Ahearn at 808-721-8088.