Real estate investors are attracted to Hawaii not only because they want to own a slice of paradise but also because of Hawaii’s low property taxes. That could all change with the passage of the “Hawaii Surcharge on Investment Properties to Fund Public Education Amendment” in November.
Hawaii’s schools struggle to retain teachers since, adjusted for Hawaii’s high cost of living, Hawaii’s teachers are the lowest paid teachers in the country. The pace of real estate investing in Hawaii shows no sign of slowing down so those who support this measure see a perfect opportunity to secure additional funding for the state’s schools.
The majority of funding for Hawaii’s school comes directly from the state legislature. There are no revenue sources that specifically designated for education. So if the legislature happens to be controlled by those who are not big supporters of education, support for the schools goes down. If this measure passes there will be a designated source of revenue for Hawaii’s schools.