If the sales price were $1,999,000, the conveyance tax would be $7,996.00, with a savings of $4,004.00.Īs the purchase prices go up, the savings around these price brackets also increase. If you are selling your home, sometimes you can net more money with a slightly lower sales purchase price, knowing these Conveyance Tax price brackets.įor example, with a purchase price of $2 Million for a home for which the Buyer is not eligible for the homeowner’s exemption, the conveyance tax to be paid by the Seller would be $12,000. How Can I Save Money with a Slightly Lower Sales Price? Please click here to download their informational flyer. *This information was sourced from Fidelity National Title and Escrow of Hawai’i and is presented for informational purposes only and is deemed reliable but is not guaranteed. (increments of $100 of sale price will be added proportionately to tax) Sales Price: $1,000,000 Conveyance Tax: $3,000Īpplies to sales of condominium or single-family residence where the purchaser is not eligible for the county homeowner’s exemption. The tax imposed in the State of Hawai’i by section 247-1 shall be based on the actual and full consideration (whether cash or otherwise, including any promise, act, forbearance, property interest, value, gain, advantage, benefit, or profit), paid or to be paid for all transfers or conveyance of realty or any interest therein, that shall include any liens or encumbrances thereon at the time of sale, lease, sublease, assignment, transfer, or conveyance, and shall be at the following rates:Īpplies to all transfers or conveyance of realty or any interest therein, except for a sale of a condominium or single-family residence where the purchaser is eligible for the county homeowners’ exemption. What is the Basis and Rates of Conveyance Tax? Unless an exemption applies, the State of Hawai’i imposes a tax on the conveyances or transfers of real property and interests in real property by deed, lease, sublease, an assignment of lease, or other document (HRS §247-1). Particularly for Sellers, it’s important to keep in mind what these tax brackets and rates are when setting the purchase price of your home to net more money. Selling Advice For Sellers – How to Net More Money With a Slightly Lower Purchase PriceĬonveyance Tax is an important aspect to consider during the sale and transfer of any property.
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