HI HB613

Establishes a real property tax exemption special fund to receive conveyance tax revenues and accrued interest for offsetting county property tax exemptions.

Allocates a specified percentage or dollar amount (to be determined) of annual conveyance tax revenues to the new special fund, in addition to existing allocations to the land conservation fund and rental housing revolving fund.

Authorizes counties with populations of 500,000 or more to use special fund moneys to replace property tax revenue losses from exemptions granted to seniors age 65 and older whose income does not exceed a specified percentage of median family income.

Appropriates funds from the real property tax exemption special fund for fiscal years 2023-2024 and 2024-2025 for the City and County of Honolulu to offset revenue losses from senior property tax exemptions.

Takes effect on July 1, 2023.