Property Taxes – Part 2
In my last post, I talked about how often and when property is appraised. To continue: The appraised value consists of two numbers- one is the appraised value of the land and the other is the appraised value of the improvement. Once these numbers are established, they are multiplied by the appropriate tax rate unless there is an exemption to the assessment amount.
An exemption is an amount deducted from the appraised value of the improvement. The most common exemption is the home owners exemption which allows for a $48,000 deduction from the appraised value for owner occupied properties. Other exemptions, typically based on age or income may also be available. These are all the exemption as stated on the Kauai County Government website:
• BASIC HOME EXEMPTION – Homeowners not 60 years of age will be eligible for a single home exemption of $48,000.
• MULTIPLE HOME EXEMPTION – This exemption was established to help senior citizens living on fixed retirement incomes. Homeowners between the ages of 60 and 69 are eligible for two times the basic home exemption or $96,000. For homeowners 70 years and older, the multiple home exemption is two and a half times the basic home exemption or $120,000.
• TOTALLY DISABLED VETERAN EXEMPTION – If you are a totally disabled vet—due to injuries received while on active duty with the U.S. Armed Forces, your home is exempted from all real property taxes, except the minimum tax of $25.00.
• ADDITIONAL HOME EXEMPTION BASED ON INCOME – Real Property which qualifies for the Basic Home Exemption, Multiple Home Exemption of Totally Disabled Veteran Exemption shall be Entitled to an additional exemption of up to $55,000 provided the annual adjusted gross income of the owner-occupant is less than $40,000. You shall apply annually for this exemption.
• DISABILITY EXEMPTION – Special exemptions of up to $50,000 are also available for property owners who are totally disabled, blind, deaf, or who are Hansen’s Disease sufferers. This special exemption is in addition to the basic and multiple home exemptions.
You can find all this information at the Official Kauai Government Website.
After the assessment of the property has been made, and any exemptions subtracted, what remains is the net taxable value. This is the starting point for the calculation of taxes. More about tax in my next post.
Aloha,
Elaine Schaefer (R, GRI, ABR)
Broker in Charge – Princeville Resort Office
Graduate, Realtor’s Institute
Accredited Buyer’s Representative
Top Producer 100% Club
RE/MAX Kauai
Princeville Resort Office
POB 223632
Princeville, HI 96722
cell: 808 639 2935
home fax: 1 808 440 4552
email: soldonkauai@yahoo.com
website: www.kauaiforsale.com
blog: www.blogs.alohaliving.com/princeville-condo-sales
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