Bill > HB147

This bill increases the real property exemption amounts for attachment or execution in Hawaii, addressing the significant inflation since 1978. Specifically, the bill raises the exemption for heads of families or individuals 65 years and older from $30,000 to $90,000, and for other individuals from $20,000 to $60,000. The exemption applies to one parcel of real property in Hawaii, with the fair market value determined by appraisal and calculated after accounting for all liens and encumbrances. The bill ensures that only one exemption can be claimed per parcel, even if multiple residents might otherwise qualify. Any exemption claims made before January 1, 2026, will be automatically adjusted to the new limits, provided this does not impair existing creditor rights. The legislative findings note that inflation has risen by approximately 300% since the last exemption amount was set in 1978, justifying the substantial increase in property value protection. The bill is set to take effect on July 1, 2025, providing property owners with updated protection from attachment or execution proceedings.

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https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=147&year=2025