Makoa purchased a single-family home on the Big Island (Hawaii County) two years ago and has been using it as a vacation rental. He now plans to move in and make it his primary residence. To receive the county homeowner exemption for the upcoming tax year, by what deadline must Makoa typically file his exemption claim with the Hawaii County Real Property Tax Division?
Correct Answer
C) December 31 of the prior calendar year
In Hawaii County (Big Island), a homeowner must file for the home exemption by December 31 of the year preceding the tax year for which the exemption is claimed. The exemption applies to the tax year beginning July 1 of the following year. Because Hawaii's real property tax year runs July 1 through June 30, the filing deadline to qualify for the next tax year is December 31 of the prior calendar year. Makoa must file by December 31 to receive the exemption for the upcoming tax year.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
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