HI SB871

Reduces conveyance tax rates for properties valued under $2,000,000: from 10 cents to 5 cents per $100 for properties under $600,000; from 20 cents to 10 cents per $100 for properties $600,000-$1,000,000; and from 30 cents to 15 cents per $100 for properties $1,000,000-$2,000,000.

Increases conveyance tax rates for investment properties (condominiums and single-family residences where purchaser is ineligible for county homeowner's exemption) to 3% of property value.

Exempts transfers of real property for affordable housing development and rental properties used exclusively by local residents as their primary residence from conveyance tax.

Establishes a new requirement to deposit a portion of conveyance tax revenues into the housing finance revolving fund to support Hawaii Housing Finance and Development Corporation financing programs.

Effective January 1, 2022.