July 1 brought the start of the new fiscal year for Maui County. That means new property tax rates are going into effect. The majority of the tax rates for this fiscal year were increased over the 2010/2011 rates to help offset decreases in assessed value. Here is the list of 2011/2012 year tax rates. These rates are per $1,000 of assessed value.

• Improved Residential $5.55
• Apartment $5.50
• Commercial $6.25
• Agricultural $5.80
• Conservation $5.60
• Hotel and Resort $9.00
• Unimproved Residential $6.25
• Homeowner $2.50
• Timeshare $15.00
• Commercialized Residential $4.20

Also of note, homeowners are allowed to deduct $300,000 from their current assessed value. That being said, a Maui News article from this weekend indicates that this figure may be subject to change in the near future. The county council gave an initial ok to a reduced homeowner deduction of $200,000. The council is exploring this issue as revenues continue to be a challenge, and the growing body of residents who are now paying the minimum tax due to the deduction. We will let you know if this change officially goes into effect on the Maui Real Estate Blog.