Proposed Tax Increase To Hit Many Honolulu Home Sellers!
January 14th, 2010 categories: For Sellers, Rants & Riffs, The Market
Today’s Honolulu Star Bulletin is reporting that one of our State Legislators is proposing a tax increase on “high-priced homes”.
“Rep. Rida Cabanilla, the House housing chairwoman, said she would propose a hike in the conveyance tax on homes priced more than $600,000, as one of the options for addressing homelessness.”CLICK HERE TO READ THE HONOLULU STAR BULLETIN ARTICLE.
Given that the median price of a house on Oahu has been bouncing between $550,000 and $600,000 for the last 6 months, I don’t understand why Ms. Cabanilla would want to expose the vast majority of home sellers to her knew tax. Clearly, Honolulu homes in the market segment that she is targeting are not luxurious by any means. Since her proposed tax would be assessed at the sale of a property, this penalizes sellers that should not necessarily be viewed as being the wealthy (not that I think it is right to tax the wealthy). In fact, if a person purchased their home 20 or more years ago, it could easily be worth more than $600,000. During these slow economic times, we don’t need to place any further tax burden on the Hawaii real estate market. If you would like to let the Representative know your thoughts, feel free to contact her using the information below.
Representative Rida Cabanilla
42nd Representative District
Hawaii State Capitol, Room 442
415 South Beretania Street
Honolulu, HI 96813
phone 808-586-6080; fax 808-586-6081
E-mail repcabanilla@Capitol.hawaii.gov
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
; ?>/images/MatoChiclet.gif)
