SB2700 proposes to restructure Hawaii's conveyance tax to a marginal rate system for properties with residential use, applying higher rates to.

SB2700 aims to restructure Hawaii's conveyance tax to a marginal rate system for properties with residential use, applying higher rates to property values exceeding specified thresholds. The bill adjusts tax rates based on property value, with higher rates for properties valued at over $600,000, $1,000,000, $2,000,000, $4,000,000, $6,000,000, and $10,000,000. It also ties conveyance tax rates to a cost-of-living adjustment to maintain equity over time.

SB2700 proposes to restructure Hawaii's conveyance tax to a marginal rate system for properties with residential use, applying higher rates to.

SB2700 aims to restructure Hawaii's conveyance tax to a marginal rate system for properties with residential use, applying higher rates to property values exceeding specified thresholds. The bill adjusts tax rates based on property value, with higher rates for properties valued at over $600,000, $1,000,000, $2,000,000, $4,000,000, $6,000,000, and $10,000,000. It also ties conveyance tax rates to a cost-of-living adjustment to maintain equity over time.