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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: August 1, 2023 Re: Comm. No. 371/Bill No. 59 <br /> PLACE: Council Chambers <br /> Hilo, Hawaii <br /> TIME: 10:30 a.m. <br /> Council Chair and Members <br /> Hawaii County Council <br /> Hilo, Hawaii 96720 <br /> Your Committee on Finance, to which was referred Bill No. 59, reports as follows: <br /> Bill No. 59, transmitted by Committee Member Cindy Evans, via Communication No. 371 dated <br /> July 11, 2023, amends Chapter 19, Article 10, Section 19-71, of the Hawaii County Code 1983 <br /> (2016 Edition, as Amended), Relating to Home Exemptions. <br /> This bill amends subsection (d)by adding an age range of 75 years of age or over but not 80 years of <br /> age or over for a $110,000 exemption and adding an exemption of$125,000 for taxpayers 80 years of <br /> age or over. <br /> Committee Member Cindy Evans provided an overview of this measure, emphasizing the need to <br /> care for our elderly community and asking for her colleagues' support. <br /> Committee Member Susan L.K. Lee Loy offered her support. Ms. Lee Loy asked Finance <br /> Director Deanna Sako and Assistant Real Property Tax Administrator Keita Jo for details on how <br /> this measure will impact the County. Mr. Jo provided those details. <br /> Committee Member Jenn Kagiwada asked if they considered the aging demographic and, as <br /> that rises, how that impacts County funds. Mr. Jo replied that they had yet to look at that <br /> demographic. However, as this goes forward and should it affect the County fiscally, he would <br /> recommend revisiting the legislation and making adjustments. <br /> Committee Member Rebecca Villegas asked if it was possible to cap the individual's home value. <br /> She felt there might be a discrepancy as an individual with a $20 million home could benefit <br /> alongside an individual who owns a$58,000 home. To which Ms. Sako replied that the max <br /> benefit would be $90. So an individual with a $20 million home could only benefit up to $90. <br /> Committee Member Michelle Galimba thanked Ms. Evans for her efforts. <br /> Committee Chair Matt Kaneali`i-Kleinfelder encouraged an amendment to possibly increase <br /> these savings. Mr. Kaneali`i-Kleinfelder asked Mr. Jo what the process would be if the individual <br /> were widowed. Mr. Jo replied that the widow/widower would automatically get the benefits if <br /> they were on the title. <br /> FC Report No.: 64 <br />