What is Form P 64B for?

Form P-64B, Rev 2019, Exemption from Conveyance Tax.

Who pays conveyance tax in Hawaii?

The person responsible for the tax is generally the transferor, grantor, lessor, sublessor, conveyor, or other person conveying the real property interest (HRS §247-3). The Hawaii Association of REALTORS® standard purchase contract directs escrow to charge the conveyance tax to the seller.

How is Hawaii conveyance tax calculated?

How Is the Conveyance Tax Determined? One dollar and twenty-five cents ($1.25) per $100 of the actual and full consideration for properties with a value of $10,000,000 or greater . The conveyance tax imposed for each transaction shall be not less than one dollar ($1.00).

Is there a real estate transfer tax in Hawaii?

Unless an exemption applies, the State of Hawai’i imposes a tax on the conveyances or transfers of real property and interests in real property by deed, lease, sublease, an assignment of lease, or other document (HRS §247-1).

What is a conveyance tax in Maui?

The tax ranges from 10¢ per $100 for conveyances under $600,000 to $1.00 per $100 for conveyances in excess of $10 million.

What is Harpta withholding tax?

1 What is HARPTA? Under HARPTA (section 235-68, Hawaii Revised Statutes (HRS)), every buyer is required to withhold and pay to the Department of Taxation (Department) 7.25% of the amount realized on the disposition of Hawaii real property.

How much is Harpta?

7.25%
HARPTA is an acronym for “Hawaii Real Property Tax Act”. This is a Hawaii State law that requires a withholding of 7.25% of the sales price. (UPDATED! increased from 5% as of 2018) 7.25% of the sales price, not 7.25% of the gains realized.

Is Hawaii conveyance tax deductible?

Unfortunately, no matter what state you live in, you cannot deduct transfer taxes as they are essentially a transaction fee to legally transfer the title of a property from one party to another.

What taxes do you pay when you sell a house in Hawaii?

How much is collected under the HARPTA law? The amount collected under the HARPTA law is 7.25% of the sales price. What is the actual Hawaii capital gains tax? The Hawaii capital gains tax on real estate is 7.25%.

Who pays closing costs in Hawaii?

They are usually anywhere from 1-4% of the purchase price. Closing costs are different for buyers and sellers in every transaction. You can try to negotiate and ask the seller to pay for a portion of your closing costs, but it’s unlikely you’ll get out of paying them altogether.

How much is transfer tax in Hawaii?

How Much Are Transfer Taxes in Hawaii?

Home Value	Tax Rate (without exemption)
$1,000,000 – $2,000,000	0.40 per $100 (0.40%)
$2,000,000 – $4,000,000	0.60 per $100 (0.60%)
$4,000,000 – $6,000,000	0.85 per $100 (0.85%)
$6,000,000 – $10,000,000	1.10 per $100 (1.10%)

Which is true about conveyance tax?

Conveyance tax is a tax imposed on the transfer of real property at the state, county, or municipal level. This tax is generally calculated as a percentage of the sale price.