HomeMy WebLinkAboutCOM 0371.002 2022-2024 d� '5A
August 1, 2023
10 a.m.
Hawaii County Building
To: Committee on Finance
Councilmember Matt Kaneali'l-Kleinfelder, Chair :vt
Councilmember Cindy Evans,slice Chair
From: Grassroot Institute of Hawaii
Jonathan Helton, Policy Researcher
RE: Bill 59 — RELATING TO HOME EXEMPTIONS
Comments Only
Dear Chair and Committee Members:
The Grassroot Institute of Hawaii would like to offer its comments on i11 9, which would create
a $125,000 home exemption for owner-occupants 80 years old and older.
Currently, homeowners 80 or older can receive a $110,000 home exemption. This exemption
amount applies to all homeowners 75 years old or older.
With the $110,000 exemption, an 80-year-old homeowner with a house valued at $300,000
would pay a tax bill of$1,168.50 at the current rate of$6.15 per$1,0000 of assessed value.'
Under Bill 59, the same individual would pay a tax bill of$1,076.25 — a difference of$92.25.
Retirees on fixed incomes would certainly benefit from this tax relief. Right now, any increase in
their assessments — even the allowable 3% increase under the assessment cap — can create a
tax bill that eats into their small monthly incomes.
With the cost of food, transportation and electricity as high as ever, any savings for older
homeowners and retirees would be a good thing.
"mRe air,Pmpei,tyTax Rates for".I'ax� ��ir��� .,"tlC�2; rctcammJd..�n�_ C (� ," Real Property Assessment
Division, Department of Budget and Fiscal Services, City and County of Honolulu. July 2023.
Comm.
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Thank you for the opportunity to testify.
Sincerely,
Jonathan Helton
Policy Researcher
Grassroot Institute of Hawaii