The maximum VA Loan limit in Hawaii for Honolulu County has been increased to $756,250 effective August 6, 2012.

The VA Loan in Hawaii can be used to purchase a single family home, townhouse or condo in Hawaii as well as new construction homes on Oahu.  The VA Loan in Hawaii is a 100% financed loan so no down payment is necessary.  Oahu, Hawaii has fantastic, family friendly neighborhoods in Ewa Beach, Kapolei, Mililani, Waikele, Pearl City, Aiea, Honolulu, Kaneohe and Kailua just to name a few.  All of these neighborhoods are eligibile for the VA Loan purchase.

For more information on VA Loans and how Veterans can purchase a home in Hawaii, please call your Hawaii Military Relocation expert, David Kucic, President/Owner of Hawaii Military Realty, Inc. at (808) 218-9338 or email to:  david@davidkucic.com.

Hawaii Property Taxes for Oahu (Honolulu County) 

Hawaii Property taxes are increasing for the island of Oahu, Hawaii.  Our previous rate was $3.29 per $1,000 of assessed value.  The new rate will be $3.42 per $1,000 of assessed value.

When you look on line at Hawaii Property For Sale, you may see something like this or similar to this:

A very simple way to figure out the taxes is to look at the “Assd Val Total”….in this case above, it is $700,300.  Drop the last two zeros and replace the comma with a decimal point so that your new number is 700.3.  Now multiply that by $3.42 which will give you an annual Oahu Property Tax of $2,395.  Divide that by 12 and you get $199.59 which would be your monthly tax payment.  Easy huh?

With the example above, you will notice that the item titled “Home Exemp” is 0.   If you are an owner occupant of your home, you should be entitled to a tax exemption of either $80,000 (up to age 65) or $120,000 (for age 65 and older).  To see eligibility requirements, check out the criteria at the Honolulu Property Tax website.  Don’t forget to file your exemption if you are eligible!  The deadline for applications is September 30^th, 2009.

If you are quailed for the exemption, you can deduct the appropriate amount from the Assd Val Total. 

Let’s say you are under age 65 and are qualified for an 80k exemption.  Subtract 80k from $700,300 and you get $620,300.   Using the simple formula I described above, your multiplier is 620.3.  Multiply by $3.42 and your Oahu annual property tax would be $2,121, a savings of approximately $274 per year.

For more information on purchasing Hawaii real estate, contact David and Tonya Kucic of RE/MAX Honolulu.

Phone: (808) 218-9338

Email: david@davidkucic.com