HI HB489

Imposes a 4% annual surcharge on residential properties left vacant for 180 days or more per year, calculated based on the property's average annual rental value plus estimated lost general excise tax from household spending that would have occurred if occupied

Creates the Vacant Homes Special Fund under the Hawaii Housing Finance and Development Corporation to receive surcharge revenues for rental assistance programs similar to federal Section 8 housing assistance

Requires all owners of residential property not used as their primary residence to obtain a general excise tax license ($20 one-time fee)

Exempts properties from the surcharge during periods of owner death (12 months), major renovations (24 months), hospitalization (12 months), employment relocation (6 months), military deployment, or court orders

Requires counties to annually report to the Department of Taxation all residential properties classified as non-owner occupied, and requires DBEDT to publish average annual rental values by January 15 each year; effective January 1, 2026