Deadline to File a Home Exemption is September 30

Did you purchase a new home on Oahu recently or know someone who did? Are you sure that you have claimed your home exemption in your property tax billing? The deadline to do so is September 30.

Beginning in tax year 2024-2025, the home exemption is $120,000 for homeowners under the age of 65 as well as for homeowners who do not have their birthdate on file. This means that $120,000 is deducted from the assessed value of the property by the City and County of Honolulu and the homeowner is taxed on the balance. For homeowners 65 years and older the home exemption increases to $160,000. To qualify for this exemption amount, you must be 65 years or older on or before June 30 preceding the tax year for which the exemption is claimed.

Property owners with an existing home exemption, with their date of birth on file, do not need to re-apply for the newer exemption amounts as it is not required to file again unless you move.

Who is eligible to qualify for a home exemption? Here are some basics.

You own and occupy the Oahu property as your main home and live there for more than 270 calendar days of a calendar year.

Your ownership is recorded at the Bureau of Conveyances, State Department of Land and Natural Resources, in Honolulu on or before September 30 preceding the tax year for which you claim the exemption.

You file a claim for home exemption (Form P-3) with the Real Property Assessment Division on or before September 30 preceding the year for which you claim the exemption.

You can find more information, stipulations, and rules about this, and file your claim online, at www.realpropertyhonolulu.com. Click on the “Home Exemption” icon.

Filing this claim is even more valuable to you as a resident homeowner if your property is assessed by the City at more than $1 million, you qualify for the home exemption, and you have not yet filed. This is because the tax rates are quite a bit higher for non-residents with assessments above $1 mil.

If you still have questions about your specific status and property after reviewing the website above, feel free to contact me to discuss this further.