Two measures meant to offer financial relief to island property owners burdened with high property taxes are scheduled for third and final readings by the Honolulu City Council today .

The Council is respectively pushing Bills 49 and 50, which would each amend city laws relating to real property tax home exemptions.

If adopted, the bills package would supposedly lower future annual property tax bills for many, particularly senior citizens on fixed incomes.

Bill 50 proposes to raise the base real property tax exemption for all eligible homeowners from $120,000 to $140,000. This change will help reduce the taxable value of owner-occupied homes, decreasing property taxes for qualified homeowners.

If a home’s assessed value is $1 million, the owner would pay property tax on $860,000 of the

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