WHAT ARE PROPERTY TAXES IN KAUAI?
There are exemptions available from $40,000 – $100,000 of the assessed value of your property based upon age and residency of more than 270 days.
|Per $1,000 Net Assessed Valuation||Building||Land|
|Single Family Residence||*$4.25||*$4.85|
*Please note tax rates can change. For more and current information please refer to: http://www.kauaipropertytax.com
FEE SIMPLE VS. LEASEHOLD
Fee Simple is the type of ownership that most everyone is used to. You purchase a property, receive title and it is yours or your heirs forever, or until such time the property is disposed of.
Leasehold, conversely, is property to which title remains yours for a specified period of time, at the end of which the property reverts back to the party that holds title in Fee Simple.
For more information, please contact one of our Real Estate Professionals.
WHAT IS HARPTA?
Hawaii Real Property Tax Act, an amount withheld from the sale of Hawaii property by a non-resident seller.
WHAT IS FIRPTA?
Foreign Investment in Real Property Tax Act, an amount withheld on non-U.S. resident sellers.
WHAT IS GET?
General Excise Tax is a tax imposed on business activity in Hawaii. This tax is often called a “total gross income tax” because the tax is computed on the businesses’ total gross income derived from doing business in Hawaii and not on the businesses’ net profit. GET is currently 4.166% and is charged by most, if not all business.
WHAT IS TAT?
Transient A ccommodation T ax is a tax imposed on gross income derived from the renting of transient accommodations in Hawaii. TAT is currently 9.25% and is charged for any hotel or vacation accommodations.
WHAT IS A CONDOMINIUM PROPERTY REGIME (CPR)?
A CPR Refers to the specific form of ownership and governing process created when real property becomes a condominium.
A condominium is a form of ownership of real property regardless of the architectural style of the apartment/unit, be it a high/low rise, townhouse or detached unit. Condominium ownership is described as ownership of an apartment/unit and a percentage of the undivided interest in the common elements. The apartment/unit owner is entitled to exclusive ownership of the apartment/unit but the land is a common element, owned jointly in common with other apartment/unit owners in the project.
Some examples of traditional common elements are lobbies, hallways, roofs and roadways. Yard areas and/or parking which are provided for an apartment/unit’s exclusive use (versus ownership) are usually identified as limited common elements.
Two advantages of condominium ownership are separate mortgages and property taxes for each apartment/unit owner
For more information on these types of properties, please contact one of our Real Estate Professionals.
WHAT IS FLOOD INSURANCE?
Flood insurance is required by Mortgage Lenders for properties located in federally designated flood hazard zones. Businesses and Homeowners can obtain coverage for both structure and contents. In both cases, maximum coverage and premiums will vary based on a number of factors. The factors for structure coverage include region and whether the structure is on the ground or elevated. Contents coverage depends on items’ location in the structure. The State Insurance Commissioner states there are some types of damage that are excluded from coverage and suggests reading policies carefully.
WHAT IS THE CLIMATE ON KAUAI?
Kauai is blessed with moderate climate year round. Its seasons roughly break down into two periods: May – August with temperatures ranging from the mid 70’s to a high in the low 90’s; and September – April which tends to be slightly cooler ranging from the mid 60’s to highs in the upper 70’s.
IF I AM PLANNING TO MOVE TO KAUAI, HOW CAN I GET MOVING INFORMATION?
You can contact the Kauai Chamber of Commerce at 808-245-7363 or visit them online at www.kauaichamber.org.
DO YOU HAVE CITY/PUBLIC BUS TRANSPORTATION?
Yes, you can call the Kauai Bus Office at 808-241-6410 for a schedule.
WHAT IS THE BEST TIME FOR WHALE WATCHING?
The Pacific Humpback Whales return here in December and leave in May. The best viewing is usually in mid January – mid April.
WHAT IS ALOHA?
The Pukui and Elbert Hawaiian Dictionary have an entry almost four inches long to define “aloha”. The definition goes from love to affection, from compassion to mercy, from charity to veneration. Aloha is hello and aloha is goodbye, but most aloha is a spirit, a way of being, be generous, be warm, be caring, be friendly…be aloha.