Torrens system, or in the Regular System (also referred to as the Abstract You can email me at or via phone at (808) 936-5100.In Hawaii can be recorded in either the Land Court, also referred to as the She also devotes many hours to various Veterans' Organizations, the East Hawaii Cultural Center, and the Hawaii Island REALTORS®. In her little time away from work, Denise is a committed runner and Grandy. She's one of Big Island's best real estate resources, known for her weekly article in the Hawaii Tribune Herald.ĭenise leads Team Nakanishi for Hawai`i Life, who is committed to their family, work, and community. Denise stays ahead of the curve because she's passionate about education–she served as Education Chair for Hawaii Island REALTORS® for many years. She's the recent recipient of the Best East Hawai`i, Best of Zillow, Chairman's Circle Award, President's Circle, Top Producing Agent since 2001, and Realtor of the Year awards. Having made the Big Island her home since 1987, Denise combines her extensive knowledge of the area with a sharp focus on customer service and the results speak for themselves. She reached the rank of Major in the US Army and is now known by many as 'Major Mom.' The nickname fits–not only does Denise bring the discipline and mission-oriented attitude you'd expect, she's also caring and compassionate, always looking out for her clients like they're her own family. Knowing the nuances can make a huge difference in what a seller receives and is therefore willing to accept for their property!ĭenise Nakanishi is a REALTOR Broker with Hawai'i Life.ĭenise Nakanishi is one of Hilo's most acclaimed real estate agents. So, when buying or selling, consider all costs. Qualified owners should apply immediately upon closing. In Hawaii County, the form simply asks if you will be filing a State income tax return the following year. I’m often asked what determines if a buyer is eligible for a homestead exemption. Tiers adjust 7 times (see also HRS Chapter 247) so be sure to ask your REALTOR® for a careful analysis. This means that a $1000 adjustment would save the seller about $22,000 (qualifying buyer). By adjusting the amount only $1000, these amounts would be $42,000 (rounded) and $51,000.

The amount with a qualifying buyer would be $54,000 (without $66,000). Let’s take a home selling for $6 million. As the scale increases, it often makes sense to reduce the home price by just $1000 to save more than the tax scaled amount. This would mean that the tax on a $599,000 home would be $599 with a qualifying buyer.

When a sale is under $600,000 the rate is 10 cents per hundred if the buyer qualifies for a homeowner’s exemption (not all states are homestead states, so ask your agent if this is not clear). Some escrow companies have a calculator that estimates the amount due but because it’s so complicated, it may be best to rely on an astute REALTOR® to save you money. The sales amount must also be considered.

For this reason, our standard contract specifies that a buyer must inform the seller if their intended use changes.Īs mentioned, this is only the first part of this tax equation. Conveyance taxes are a seller’s cost and yes, you read correctly, the seller’s tax is partially based on the buyer’s intended use. This means all vacant land transfers and any non-owner-occupied homes are taxed at a higher rate. When a buyer will not qualify for a homeowner’s exemption, the tax is higher. No surprise there, right? Not only are taxes based on the sales amount, but there is also a surcharge related to the buyer’s intended use. The only difference is that the Hawaii tax can be extremely confusing. Buying Advice And Yet an Even More Confusing Tax!Įvery state levies a transfer tax when real property (land or homes) sells.

Hawaii conveyance tax on leases