Property Tax Savings Opportunity for Hawaii Home Owners
Property Tax Savings Opportunity
As a long-term rental property owner in Hawaii, you have a chance to significantly reduce your property taxes. This is available to those who have rental agreements of one year or more. The state grants a $200,000 deduction from the assessed property value to landlords throughout Hawaii, including those with ohanas on their property. Every property you own may qualify for this deduction.
Procedure to Avail the Exemption
The process to claim your tax exemption is easy and quick, typically taking only about five minutes:
- Complete the Form: Obtain and fill out the Hawaii County Tax Exemption Form.
- Email Submission: After completing the form, email it to the county office with a copy of your lease agreement.
By following these steps, you could save up to $1,200 on your property taxes, a substantial amount that can positively impact your finances.
Deadline Alert: December 31, 2023
Remember, the deadline to apply for this exemption is December 31, 2023. It’s important to reapply even if you’ve received this exemption in the past to maintain the benefit.
Hawaii Elite Real Estate is dedicated to keeping you informed about beneficial real estate opportunities. Should you have any inquiries or need help with this exemption process, feel free to contact us. We’re here to support your real estate endeavors.
Thank you for your continued confidence in our services. Together, let’s capitalize on this valuable opportunity!