Hawaii Randy's Real Estate Opinions: Thank You Governor Lingle for Your Veto

Thank You Governor Lingle for Your Veto

TaxRallyI just received word that Governor Lingle vetoed an increase in the HARPTA tax.  HARPTA is our state withholding tax that is taken at the time of closing from out of state owners. 

HARPTA is currently 5%.  Our wonderful liberal legislature utilizing their finite wisdom decided, decided it would be a great idea to slap out our state investors by raising the tax to 8.25% beginning January 1, 2007.

I am so delighted to see our Governor step up to the plate and do the right thing.  We in Hawaii depend on out of state money to drive our economy.  Folks, Hawaii is still open for business.  Please come and bring your money.

Aloha to all, have a Hauoli Makahiki Hou (Happy New Year in Hawaiian)

 

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Randy L. Prothero, REALTOR®, ABR, AHWD, CRS, e-PRO, GRI, SFR

Century 21 Liberty Homes

 

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) and the Leeward Regional Chairman of the Honolulu Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

 

www.HawaiiRandy.com *  Oahu (Honolulu County) Property Search  *  Hawaii Military Relocations

12 comments • Randy L. Prothero - Hawaii REALTOR® (808) 384-5645 • December 26 2006 02:58PM

Comments

Sound like a polititian made a GOOD choice for a change - Uh, Oh - could it be the start of a trend?!??!

Probably not - but they have to start somewhere!

Happy New Year!

Posted by BallenIsles Marc Blasi (Waterfront Properties) about 5 years ago
Randy, maybe some day politians will get the message that you don't increase business by increasing taxes.  And increasing business is the best way to raise tax revenue.
Posted by George Souto NMLS# 65149 FHA, CHFA, VA Mortgages Connecticut about 5 years ago
Marc - Our governor who has business experience has made many good decisions.  Unfortunately the legislature still hasn't figured it out.  Most of them have no business experience and just don't understand how business works.
Posted by Randy L. Prothero - Hawaii REALTOR® (808) 384-5645 (Century 21 Liberty Homes ) about 5 years ago
George - If they haven't gotten it yet they may never.
Posted by Randy L. Prothero - Hawaii REALTOR® (808) 384-5645 (Century 21 Liberty Homes ) about 5 years ago
Thankfully Governor Lingle is smart enough to realize that out of state owners do have a big impact on our economy and real estate market.  Hope you are enjoying the holidays.  See ya in a week or so.
Posted by 1SG (Ret) David Kucic, Broker/Owner (Hawaii Military Realty, Inc.) about 5 years ago
Aloha David and Tonya - Without out of state investors and the military we would only have pineapple plantations.  We need more politicians with business sense.
Posted by Randy L. Prothero - Hawaii REALTOR® (808) 384-5645 (Century 21 Liberty Homes ) about 5 years ago

Thank goodness Gov. Lingle is in office. Another disaster averted!

Posted by Michael S. Mackey REALTOR® ABR, CRS, GRI, RSPS (CENTURY 21 All Islands) about 5 years ago
Michael - I look forward to the day when a good leader can spend more time on positive improvements instead of spending so much of the energy stopping these kinds of disasters.
Posted by Randy L. Prothero - Hawaii REALTOR® (808) 384-5645 (Century 21 Liberty Homes ) about 5 years ago

Can someone please help me.   I am trying to 1031 - I use to live on the island but have had my property has a rental there for 4 years.    If I 1031 to mainland can I avoid paying Harpta?  Or does the property have to stay on the mainland?     Thank you,   Jim

 

Posted by Jimsingletary@aol.com about 5 years ago

Jim - Whether than tell you what I think is the answer, let me refer you to a couple of local experts.

Here are the contacts for a local escrow agent I use and a good 1031 exchange agent.  Hopefully they can be of better help.  My regular 1031 guy just left the company he was with.

  • Jill Kirihara
  • Title Guaranty - Mililani
  • 95-1095 Ainamakua Dr., Suite 1
  • Mililani, HI  96789
  • (808) 630-2157 direct
  • (808) 630-2344 office
  • (808) 630-2260 fax
  • jkirihara@tghawaii.com 

 

  • Julie Tumbaga
  • Orexco (Old Republic 1031 Exchange)
  • Regional Account Manager
  • 733 Bishop Street, Suite 2700
  • Honlulu, HI 96813
  • (877) 591-1031
  • (808) 524-673
  • (808) 528-3837 Fax
  • E-mail: jtumbaga@orexco1031.com

Good Luck,

Posted by Randy L. Prothero - Hawaii REALTOR® (808) 384-5645 (Century 21 Liberty Homes ) about 5 years ago

Randy:   I just got off the phone with my CPA.   I think there are some cloudy areas of Harpta.

I am pretty sure I don't have to pay Harpta.     Thank you very much for taking the time to chat with me today and I really appreciated finding your blog.

Thank you,

 

Jim

 

 

Posted by Jim Singletary about 5 years ago
Jim - There is there is a form you fill out during escrow declaring whether or not you have to pay HARPTA.  Your tax guy help you file for a return if that comes up.
Posted by Randy L. Prothero - Hawaii REALTOR® (808) 384-5645 (Century 21 Liberty Homes ) about 5 years ago

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