Honolulu City Council OKs Higher Tax Rate For Million-Dollar Homes

(Honolulu, HI) -- Honolulu residents who own homes worth at least one-million dollars may soon be shelling out more in taxes. The City Council gave the thumbs up Wednesday to raising the tax rate on properties worth a million dollars or more in an effort to reduce the budget deficit. Officials say the proposed measure will impact more than 55-hundred properties. The bill now heads to the Mayor's office for approval.