Such a tax credit is … less than a bandaid.  
Hawaii has extremely low property tax rates--if they were doubled, they'd still be in the bottom 50% of property tax rates nation-wide!!!  Ditto our vehicle taxes (we subsidise vehicles more than housing!!  
[See https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585/ for property and vehicle tax comparisons by state]
Across the US, property taxes are used for schools, fire and police departments, libraries, and other basic social services.  This practice also allows those other places to pay decent wages to their civil servants, while Hawaii's civil servants earn about 2/3rds (if that much) of civil servant salaries in California--where the cost of living is not quite as heavy as here.  
Why is this?  Why doesn't Hawaii follow other places example?  Auckland and Vancouver property tax sales to non-residents at significantly higher rates.  Webster Groves, MO, 9.5% property tax rate pays for great schools!