WHEREAS, real property in Hawaii is subject to a tax assessed by the counties as a percentage of the property's fair market value; and

WHEREAS, Hawaii home prices increased by approximately thirty per cent in 2005; and

WHEREAS, Hawaii home prices are projected to rise by ten to twenty per cent in 2006; and

WHEREAS, this real estate boom has resulted in increasing property values and property tax assessments throughout the State, causing real hardship for homeowners, especially low-income and the elderly on a fixed income; now, therefore,

BE IT RESOLVED by the Senate of the Twenty-third Legislature of the State of Hawaii, Regular Session of 2006, that the county councils are urged to provide tax relief to benefit those who are most negatively affected by rising tax assessments, including the elderly and those with incomes under $50,000; and

BE IT FURTHER RESOLVED that a certified copy of this Resolution be transmitted to the chairpersons of the county councils, and the mayors and directors of finance of each county.

Report Title:

URGING TAX RELIEF FOR ELDERLY AND LOW INCOME HOUSEHOLDS.