The state Legislature is considering significant changes to the conveyance taxes that are levied on a property when it's sold. HPR's Ashley Mizuo reports that lawmakers aim to use the increased revenue to fund transit-oriented housing and to provide the Department of Hawaiian Home Lands with its first permanent stream of state funding.
Rep. Luke Evslin introduced a measure that would restructure conveyance taxes with the intention of not impacting average home sellers in the state, but charge high-value property sales significantly more.
Currently, Hawaiʻi's conveyance taxes are levied on total property values — creating a cliff where, as soon as the value of a home crosses into another bracket, the entire value of the home is charged at a higher rate.
A full text version of this story will be available later today.
