Hawaii Revised Statutes Division 3. Property; Family § 514B-4

(a) Each unit that has been created, together with its appurtenant interest in the common elements, constitutes, for all purposes, a separate parcel of real estate.

(b) If there is any unit owner other than a developer, each unit shall be separately taxed and assessed, and no separate tax or assessment shall be rendered against any common elements. The laws relating to home exemptions from state property taxes are applicable to individual units, which shall have the benefit of home exemption in those cases where the owner of a single-family dwelling would qualify. Property taxes assessed by the State or any county shall be assessed and collected on the individual units and not on the property as a whole. Commercial property assessed financing program assessments pursuant to section 196-64.5 may be imposed upon the project, as described by the project's master deed, declaration, and map pursuant to part III of this chapter; provided that a commercial property assessed financing contract is entered into by a condominium association with an approved commercial property assessed financing lender and the Hawaii green infrastructure authority. Without limitation of the foregoing, each unit and its appurtenant common interest shall be deemed to be a “parcel” and shall be subject to separate assessment and taxation for all types of taxes authorized by law, including but not limited to other non-commercial property assessed financing program special assessments.

(c) If there is no unit owner other than a developer, the real estate comprising the condominium may be taxed and assessed in any manner provided by law.