Of the 10 bills the Caldwell administration proposed in July to raise property tax revenue and bolster an already tight budget, the Honolulu City Council only approved two.

One of those bills looks to raise the tax rate on million-dollar homes that owners don’t live in.

The idea is that if a person can afford to have house worth more than $1 million and not live in it — such as if it’s a second, vacation home — then they can afford a slight bump in property taxes.

“What is happening is people from other countries who are extremely wealthy are starting to buy Hawaii again,” Councilwoman Kymberly Pine said. “Our local people cannot afford for the cost of our housing to go up.”

While most of the council supported the bill, Council members Ikaika Anderson and Stanley Chang voted “no,” saying the the $1 million tax threshold is too low.

“In Hawaii, $1 million is far from being a luxury home,” Chang said. “In many neighborhoods it’s a very modest home.”

It should be noted that both Anderson and Chang represent some of the more affluent areas of Oahu, including Kahala, Hawaii Kai and Kailua.

Also of note: Anderson and Chang are running against each other for Congress.

Photo via Flikr courtesy of www.bluewaikiki.com.

—Nick Grube