When it comes to purchasing a home on the Big Island, many people want to know about the Hawaii property tax. If the home is not your primary residence, the quick answer is 1% of the assessed value a year. A full-time resident living on the property for at least 200 calendar days per year, is about half that.
The long answer,
1) The county assesses property values once a year. Annually, a notice of assessment is sent to property owners representing the assessed value of their property and the value of any exemptions granted to the owners for the assessment period from the Real Property Tax Division. Notices are sent by mail, each year, on or before March 15.
2) Rate of property tax based on the assessed value also depends on how often the property is utilized. Tax rates are set on or before June 20 prior to the tax year for which property tax revenues are to be accumulated.
3) The fiscal year runs July 1 thru June 30 every year.
4) The current basic tax rates/$1000 of assessed value are as follows:
0 Affordable Rental Housing $6.15
1 Residential $10.05
2 Apartment $10.85
3 Commercial $10.05
4 Industrial $10.05
5 Agricultural and Native Forest $9.25
6 Conservation $10.85
7 Hotel/Resort $10.85
9 Homeowner $6.15
5) Exemptions are available for people over 60 years of age and disabilities.
More information can be found at the Hawaii County website: http://www.hawaiipropertytax.com