Rates shown are FY2026–27 (July 1, 2026 – June 30, 2027). Every county resets rates each July 1 — verify before you act.
Four islands. One identical $4 million assessed value. Four completely different annual property tax bills — and the most expensive one is not where almost anyone would guess.
I ran the same non-owner-occupied property through all four Hawaii counties using the rates in effect today. No home exemption, second-home assumption, identical assessed value throughout:
The spread across the same $4 million is roughly $21,000 a year. Hawai’i Island — the island people still describe as the affordable one — is now the most expensive place in the state to hold a $4 million second home, running about 70% above Kaua’i.
Then there is the lever almost nobody uses. Take that same $4 million O’ahu house and make it owner-occupied with the home exemption on file: roughly $13,600 a year instead of $38,200. Around $24,600 of annual difference, decided entirely by occupancy and one filed form.
And a warning for condo owners specifically: Residential A is not just for single-family homes. A condominium unit assessed at $1,000,000 or more with no home exemption on file lands in exactly the same classification.
⚠️ O’ahu owners — the filing deadline is September 30. A home exemption claim filed with RPAD by September 30, 2026 takes effect for the tax year beginning July 1, 2027 — the same year the basic exemption rises from $120,000 to $140,000, and from $160,000 to $180,000 for owners 65 and older.
If you’re building a portfolio across islands, or deciding which property to sell first, this is the calculation that should drive the sequence. Not the view. Not sentiment. The annual carry.
None of this substitutes for professional advice. Every figure here comes from a public county or state source and every one of them can change. Verify with your county and bring a CPA or tax attorney into the conversation before you sign.
Jason Wong (PB), MBA — President & Principal Broker Island Dragonfly LLC | RB-22819 / RB-24348
Serving O’ahu, Maui, Big Island, Kaua’i, Moloka’i and Lāna’i 📧
🌐 https://jasonwong.us 🌐 https://islanddragonfly.com
Licensed Hawaii real estate broker. Equal Housing Opportunity. Informational only — not legal, tax or accounting advice.
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