First installments of the Honolulu Real Property tax bills are due August 20th! In June, the Honolulu City Council finalized the budget for fiscal year 2009 and voted against increasing real property taxes. However, the property tax credit for homeowners was reduced from $200 to $100. Assessment notices sent out last Fall included information on deductions for which an owner qualifies. For example, a standard homeowner’s exemption is $80,000 and increases to $120,000 for homeowners 65 and older who have applied for and obtained the exemption for age. These exemption amounts are deducted from the total assessed value, and this net assessed value is subject to the tax rate. The rate for “Residential” properties remains at $3.29 per $1000 of assessed value of your home. The tax rate for non-residential properties is $12.40 per $1,000 valuation for non-residential properties.

Source: http://www.co.honolulu.hi.us/council/d1/080604pressreleasefinalbudgetjune408.pdf