The Honolulu City Council on Wednesday adopted two measures meant to offer financial relief to Oahu property owners burdened with high property taxes.

The Council separately passed Bills 49 and 50, which will each amend city laws relating to real property tax home exemptions.

The bills package will supposedly lower future annual property tax bills for many, particularly senior citizens on fixed incomes.

Bill 50, as adopted, will 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 assessed value, Bill 50 indicates.

As adopted,

See Full Page