Kauai Real Property Tax Changes for 2012

February 27, 2012

REAL PROPERTY TAX CHANGES FOR 2012

  • Increased the Additional Home Use Exemption (Low-Income) amount from $55,000 to $120,000 for Households with GROSS INCOME of $56,400 or less based on the 2010 Tax Returns. Extended application deadline until February 29, 2012
  • “Grandfathered” the Circuit Breaker tax credits into the Permanent Home Use credits for taxpayers that received these credits in 2011 and removed the requirement to apply annually. This tax relief program is no longer available.
  • Changed the Permanent Home Use cap from a flat 2% to the annual Consumer Price Index-Urban for Honolulu with a floor of 0%. The annual CPI-U Honolulu is released in February.
  • Advanced the Notice of Assessment to February 15, 2012 (one month earlier).
  • Advanced the Appeal deadline to March 10, 2012 (one month earlier
  • Standardized the adjustment period for Refunds, Omitted Properties, and Exemption Rollbacks to 3 years.
  • New exemption created for Commercial Alternative Energy Facilities that sell more than 25% of their energy to Kaua’i’s public utility company (KUIC). The applicant has the option to pay 1% of the gross revenue received or have the land valued as Industrial with a 50% exemption to land and a 100% exemption to energy improvements. This was adopted retroactively to 2011.
  • Privately held properties that are leased to federal government agencies shall now be exempt from property

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Tim Mira
Author: Tim Mira