•1 min read•from Hawaii News, Advice, and Aloha
Can Hawaii realistically tax 2nd Homes worth a certain amount?
It looks like Mamdani's plan to 'Tax the Rich' is getting closer with Hochul's support in NY. Would a similar tax ever take affect in Honolulu (or Hawaii as a State)? NYC uses $5M as a threshold, but i'd imagine it can be adjusted to scale.
Background: To help close funding gaps, Mayor Mamdani proposed adding additional surcharge to homes worth $5M or more if the home is not the primary residence of the Owner. Originally, it was for Owners who own property that doesn't have primary residence in the State, then it changed to Owners who own property in NYC but don't live IN NYC. No clarification on if it includes people that live within NYC but own multiple properties in NYC.
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