HI HB1683

Establishes a new tiered conveyance tax rate of $1.00 per $100 for condominiums and single-family residences valued at $2,000,000 or more, in addition to existing rates under HB 1683 HD1.

Directs 100% of revenue generated from the new $2,000,000+ property tax rate in each county to that county's affordable housing fund for purchasing housing units, planning/constructing housing, grants/loans to nonprofits, or infrastructure investment.

Modifies revenue allocation for existing conveyance tax rates: 10% of standard rates revenue (capped at $6.8 million) goes to land conservation fund, and 50% (capped at $38 million) goes to rental housing revolving fund.

Applies only to condominiums and single-family residences where the purchaser is ineligible for a county homeowner's property tax exemption.

Takes effect January 1, 2019, with automatic repeal on December 31, 2023, unless reenacted by the legislature.