Oahu residents generally have a low property tax rate compared with other states. Still, we want to take advantage of the tax exemptions available to owner occupants.
Owner Occupant Exemptions
One exemption is available for owner occupied residences, amounting to $80,000 (tax assessed value). The exemption applies to single persons and to married couples. For married couples, the exemption is still $80,000. If the couple owns more than one property, the exemption can be used on only the property the couple owner-occupies.
When the owner (or oldest spouse, for couples) reaches age 65, the exemption can increase to $120,000. I say "can increase" because the office will adjust your exemption if it has your birthdate on file. If the office…