Honolulu officials approve tax break for homeowners

Honolulu officials approve tax break for homeowners
(Image: Hawaii News Now/file)

HONOLULU (AP) - Honolulu officials have approved a bill that would lower property taxes by about $70 for most Oahu homeowners.

The Honolulu Star-Advertiser reports the Honolulu City Council unanimously supported the bill last week despite Mayor Kirk Caldwell’s administration saying it would cause the city to lose more than $10 million in annual revenue.

The measure would raise the standard home exemption from $80,000 to $100,000, marking the first increase of this exemption since 2006.

The bill also would increase the standard senior home exemption from $120,000 to $140,000.

The mayor has until May 3 to sign the bill, veto it or allow it to become law without his signature. It was unclear Friday how Caldwell will decide.

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