Sellers should keep in mind that a substantial tax savings can be realized in some cases by making a minor modification to the sales price. If escrow fails to do this interest and penalties for late filing begin after a ninety day filing period has expired. Escrow normally files the form (Form P-64A) and payment with the documents to be recorded at the Bureau of Conveyance. Who is responsible for paying the tax you ask? The Seller is responsible for payment and liability of the tax, unless the seller is the United States or the State of Hawaii or any agency or instrumentality thereof which is when the purchaser would then be liable for the tax.Ĭonveyance tax is generally required to be paid at closing through escrow and should be considered in all closing cost fund requirements. Rate of Tax for Second Home or Investment PropertyĬonveyance Tax for Second Home or Investment Property While the percentages look low let’s take a look at the impact of the tax for the sale of a home for both $500,000 and $1,500,000. The lowest rate is currently 0.10% and the highest rate is 1.25%.

Depending of the value of the property this may or may not be a substantial difference. If the answer is no to either of these questions then you pay a higher rate of tax. So basically: Is the property a condominium/single family residence and can you claim a county homeowner’s exemption (residency and primary residence requirements need to be met).

The rate depends on the asset type and the eligibility of claiming a county real property tax homeowner’s exemption with respect to the property transferred. The Conveyance Tax is a progressive tax based on the purchase price of the real estate property. Oahu Real Estate Market Snapshot for March 2018Ī Tax on the Sales Price of Your Home or Condo You Need to ConsiderĬhapter 247 of the Hawaii Revised Statutes, imposes a tax (Conveyance Tax) on all transfers of interest in real estate, including leases, exchanges, and assignments.Now is the Best Time to Buy for Hawaii Home Buyers.Oahu Hawaii Real Estate Market-1st Quarter 2019.Utilization of the search facility indicates understanding and acceptance of this statement by the user. No warranties, expressed or implied, are provided for the data herein, its use or its interpretation. Persons using this data should NOT rely upon this information in formulating important decisions that affect their financial future nor should this information be considered as legal documentation. Users must understand that the property information and descriptions may change at any time. All of the information listed on this site was prepared exclusively for tax assessment purposes. The information on this site is subject to daily changes time permitting, we normally refresh the data on this site on a weekly basis. Information and answers to the most commonly asked questions from members of the general public have been provided.

Listed information does not include all of the information about every property located in this County. Disclaimer This site was designed to provide quick and easy access to real property tax assessment records and maps for properties located in the County of Hawai`i and related general information about real property tax procedures.

State of hawaii conveyance tax rates