$350 Tax Rebate from $53 Million Fund
The city of Honolulu in Hawaii has approved a generous $350 tax rebate from a $53 million fund, aimed at providing relief to owners of owner-occupant homes.
The council of Honolulu gave its stamp of approval to the $350 tax rebate as part of its finalization of the $3.41 billion operating budget last week, the US Sun reported.
The primary objective of this $350 tax rebate is to assist homeowners in coping with the surge in home values and subsequent tax bills experienced last year.
As a flat rebate, it is particularly advantageous for individuals who own properties with lower values.
Who Qualifies for the $350 Tax Rebate?
An estimated 152,000 residents are expected to benefit from these rebates, with a total of $53 million earmarked for distribution.
One of the notable aspects of this $350 tax rebate program is that eligible homeowners do not need to take any action to receive the money.
The $350 tax rebate amount will be automatically deducted from their next tax bill, providing a hassle-free experience.
The calculation of the $350 tax rebate amount is based on the property tax rate in Honolulu, which stands at $3.50 per $1,000 of a home’s value.
With this in mind, the $350 tax rebate is sufficient to cover the tax bill for up to $100,000 of a property’s assessed value. This is a significant relief for residents who witnessed a substantial increase in their property taxes due to the appreciation of property values last year.