Over the past two years, property values throughout the islands, especially on Oahu, have been climbing daily. In fact, they are about 40% over what they were two to three years ago on average.
Everyone loves the fact that their houses have gone up in value when they brag to their friends that they are now millionaires, or when they refinance because it’s easier to obtain mortgages on a high-value property.
We live in paradise and everyone wants to be here, so values will continue to increase.
If government truly wants to help the average local person, the easiest fix is to increase the deductions for homeowners. Instead of giving them $100,000 to $150,000 off their properties’ valuation, increase these deductions to $250,000 to $500,000. This way foreign owners who live here part-time or use residential properties as rentals would have to pay the brunt of the taxes.
This is fair and equitable for everyone, although rentals would skyrocket and cause harm to the average renters, so that issue for local family rentals would have to be addressed.
Stephany L. Sofos
Waikiki
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