HI SB395

Amends Section 247-2 of Hawaii Revised Statutes to modify conveyance tax rates for properties based on value, with rates ranging from 10 cents to $1.00 per $100 of value for standard transactions and 15 cents to $1.25 per $100 for non-owner-occupied condominiums and single-family residences.

Changes the conveyance tax exemption for residential property leases from transactions with terms of less than 5 years to transactions with terms of 1 year or less.

Applies the higher tax rates in paragraph (2) only to condominiums and single-family residences where the purchaser is ineligible for a county homeowner's property tax exemption.

Specifies that lease valuations are based on the present-day value of rental payments capitalized at 6 percent plus consideration for improvements, with a minimum tax of $1 per transaction.

Takes effect on July 1, 2050.