LIHU‘E — County officials recently announced changes in two of the county’s real property tax relief programs — the circuit breaker and home exemption programs — are now in effect. Homeowners in the home exemption program could be eligible for
LIHU‘E — County officials recently announced changes in two of the county’s real property tax relief programs — the circuit breaker and home exemption programs — are now in effect.
Homeowners in the home exemption program could be eligible for an additional $80,000 exemption, depending on their income, after the Kaua‘i County Council passed Bill 2416, setting the exemption.
But this additional exemption will likely get a 50 percent boost.
Bill 2417, which last week cleared the council’s Finance Committee, will be heard Wednesday by the full council. If the bill is approved, the additional home exemption will increase to $120,000.
Bill 2417 also gives the county a tool to assess properties based on use rather than zoning, according to county Deputy Finance Director Sally Motta.
Residents living on commercially zoned lands may see their property taxes drop in the next fiscal year, and the county may collect more taxes from businesses operating on agricultural or residential zoned lands.
Additionally, the 2012 notice of assessment will be mailed out on or before Feb. 15, one month earlier than in previous years, and the deadline for filing tax appeals has also moved forward by a month going from April 9 to March 10.
But because the tax appeals deadline for next year falls on a Saturday, appeals must be postmarked or hand delivered no later than March 12, 2012 to be valid.
To qualify for the home exemption program, the following criteria must be met:
• The homeowner must occupy the property as the principal residence.
• His/her aggregate household income must not exceed $56,400 based on his/her 2010 tax returns.
• Applications for the additional exemption must be received or postmarked no later than Dec. 31.
For homeowners currently in the circuit breaker program, the annual filing for this tax credit is no longer required as they are now grandfathered in the permanent home use dedication program.
Applications for all tax relief programs are available at neighborhood centers around the island or at the Real Property Assessment Division located at the Lihu‘e Civic Center, next to the Motor Vehicle Registration counter. Go to www.kauai.gov/taxforms to download applications. Contact the Real Property Assessment Division at 241-4224 for more information.
