HI HB2506

Proposes a constitutional amendment to Article VIII, Section 3 of Hawaii's Constitution to authorize the legislature to establish a property tax freeze on residential property.

Adds language permitting the legislature to freeze residential property tax increases, creating an exception to the current constitutional requirement that counties exclusively control real property taxation.

Cites findings that median single-family home prices on Oahu exceed $1,060,000 and that Hawaii residents face increasing difficulty purchasing and owning homes despite the state's low property tax rates.

Directs voters to decide whether the legislature should be authorized to provide financial relief to residential homeowners age 55 and older through a property tax freeze.

Amendment takes effect upon compliance with Article XVII, Section 3 of the Hawaii Constitution.