RESOLUTION

WHEREAS, the state economy is currently enjoying a period of robust growth and expansion; and

WHEREAS, a major pillar of Hawaii's economic growth lies in the continuing strength of the real estate sector; and

WHEREAS, a vibrant real estate market has benefited many residents through higher property values, with prices rising year after year; and

WHEREAS, higher property values also result in higher property taxes; and

WHEREAS, higher property taxes create a burden for all homeowners but especially homeowners living on fixed incomes; and

WHEREAS, the inability to afford higher property taxes should not force homeowners out of their homes, particularly when they have lived there for decades; now, therefore,

BE IT RESOLVED by the House of Representatives of the Twenty-third Legislature of the State of Hawaii, Regular Session of 2005, the Senate concurring that each of the counties develop a fair arrangement whereby property taxes are frozen for homeowners on fixed incomes who demonstrate, through means prescribed by the counties, an inability to pay higher property taxes; and

BE IT FURTHER RESOLVED that if the homeowner whose property taxes were frozen sells the home for a profit within ten years of the date the taxes were frozen, the homeowner shall pay back to the county all taxes that had been frozen as of the date of the sale; and

BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the mayor and county councils of the City and County of Honolulu, County of Hawaii, County of Maui, and County of Kauai.

Report Title:

Freezing of property taxes