Friday, February 1, 2008

How Much Tax Do You Need to Pay?

Each county establishes, assesses and collects it's property tax.

Except for licences, permits and fees, other tax collections are the responsibility of the State which operates a central tax system.

There is a 4.166% gross excise tax on goods and services. Doctors, accountants, contractors, real estate agents, and electricians are subject to the G.E. tax and can pass this tax on to their clients and customers.

Hawaii has a state income tax. However, there are no personal or inventory taxes.

Real property taxes for the County of Hawaii are based on a tax rate of $9.10 per $1000 for all buildings in all classes except homeowner's and for land classified as improved residential.

Based on $1000 valuation, the following apply: $4.45 tax rate for land and building for homeowner's class and $10 for all lands in other classifications.

Properties are assessed at %100 of fair market value.

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