HI HB698

Increases conveyance tax rates for properties valued at $2,000,000 or more, raising rates from 50-100 cents per $100 to $1.50-$4.50 per $100 depending on property value tier.

Increases conveyance tax rates for non-homeowner purchases of condominiums and single-family residences valued at $2,000,000 or more, raising rates from 60 cents to $1.25 per $100 to $2-$5 per $100 depending on property value tier.

Establishes new conveyance tax rates for sales of eligible rental housing projects to approved developers, with rates ranging from 15 cents to $1.25 per $100 based on property value.

Removes the $38,000,000 cap on the amount of annual conveyance taxes deposited into the rental housing revolving fund, making 50 percent of all collected taxes subject to this deposit requirement.

Takes effect on a date to be determined by legislature.