Hawaii has some benefits for it’s seniors to make living in Hawaii more affordable at retirement. Some of the benefits are exemption from state income tax, exempt from GE tax on prescription drugs and property taxes. Each county has different exemptions for their property taxes. The different counties are Hawaii, Honolulu, Kauai and Maui. Taxes are assessed on 100% of their fair market value. The following is the exemption value by county:
Hawaii: The standard exemption is $40,000. The exemption is $80,000 for homeowners age 60 to 69 and $100,000 for homeowners over 70.
Honolulu: In the city and county of Honolulu the standard exemption is $80,000 and homeowners 65 or older have a $120,000 exemption.
Kauai: In Kauai the standard exemption is $48,000. Homeowners age 60 to 69 receive a $96,000 exemption and homeowners over 70 can claim a $120,000 exemption.
Maui: In Maui the standard exemption is $300,000.