Hawaii HB1208 increases conveyance tax rates on high-value properties to fund affordable housing, homeless services, and land conservation.

Hawaii HB1208 increases conveyance tax rates on properties valued over $1,000,000 to fund affordable housing, homeless services, and land conservation. The bill establishes a homeless services special fund and an affordable homeownership revolving fund. It allocates collected conveyance taxes to these funds and other specified funds. The bill also exempts certain property transfers from the conveyance tax, such as transfers to owner-occupants, nonprofit organizations, and government entities. The increased tax rates aim to sustainably fund affordable housing and homeless services in Hawaii.

Hawaii HB1208 increases conveyance tax rates on high-value properties to fund affordable housing, homeless services, and land conservation.

Hawaii HB1208 increases conveyance tax rates on properties valued over $1,000,000 to fund affordable housing, homeless services, and land conservation. The bill establishes a homeless services special fund and an affordable homeownership revolving fund. It allocates collected conveyance taxes to these funds and other specified funds. The bill also exempts certain property transfers from the conveyance tax, such as transfers to owner-occupants, nonprofit organizations, and government entities. The increased tax rates aim to sustainably fund affordable housing and homeless services in Hawaii.