BIL 320 Draft 03 2002-2004 - Laserfiche WebLink

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(1) Totally exempt where the value of the property is not in excess of $40,000; (2) Where the value of the property is in excess of $40,000, the exemption shall be the amount of 40,000. Provided that: (A) [That no] No such exemption shall be allowed to any corporation, co-partnership, or company; (B) [That the] The exemption shall not be allowed on more than one home for any one taxpayer and that such taxpayer shall certify under penalty of periurv that he or she has no other home exemption in any other iurisdiction; (C) [That where the] The taxpayer has acquired his or her home by a recorded deed [anada-ei~ (D) [That a] A husband and wife shall not be permitted exemption of separate homes owned by each of them, unless they are living separate and apart, in which case they shall be entitled to one exemption, to be apportioned equally between each of their respective homes; [ate] (E) [That a] A person living on premises, a portion of which is used for commercial purposes Pxcept as provided in (b) or which is legally permitted as a home occu~tion in accordance with the Zonine Code, shall not be entitled to an exemption with respect to such portion, but shall be entitled to an exemption with respect to the portion thereof used exclusively as a home; and (F) [That in] In the case of a lease of Hawaiian homestead lands, where either a husband or wife is ofnon-Hawaiian descent, either spouse shall be entitled to the home exemption in the same manner as if either spouse was considered the owner thereof, provided proof of marriage is submitted to the director of finance. (b) The use of a portion of any real ro ert building or structure for the purpose of [drying-se€fee ~ ~go;; any aericultural use permitted pursuant to chapter 205-2(dl or 205-4.5 Hawaii Revised Statutes, shall not affect the exemptions provided for by this section. (c) Where two or more individuals by life estate and remainder, jointly, by the entirety, or in common own or lease land on which their homes are located, each home, if otherwise qualified for the exemption granted by this section, shall receive the exemption. If a portion of land held by life estate and remainder, jointly, by the entirety, or ni common by two or more individuals is not qualified to receive an exemption, such disqualification shall not affect the eligibility for an exemption or exemptions of the remaining portion. (d) A taxpayer who is sixty years of age or over and who qualifies under subsection (a) shall be entitled to one of the following [tpleset] home exemptions: 2