The Maui county budget for the next fiscal year was given a preliminary ok from all 9 of the Maui county council members. The new budget would bring significant new infrastructure as well as property tax relief for home owners. Over the last few years, property tax revenue has increased significantly due to significant appreciation in home values. Relief is on the way for taxpayers with property taxes cut across the board.
Homeowner Taxes were slashed from $3.50 per $1,000 of assesed value to $2.50 per $1,000 of assesed value. The home exemption was increased from $200,000 to $300,000.
Improved Residential/Apartment tax rates are $5 per $1,000 of assesed value down from $5.86.
Commercial rates were reduced from $6.75 to $6 per $1,000 of assesed value.
Agricultureal went down to $4.50 from $4.93 per $1000 of assesed value.
Conservation went down to $4.75 from $4.93.
Hotel and timeshare tax rates were unchanged.
The budget also saw a number of new capital projects including a police station in Kihei, the purchase of land for a fire station in Haiku, a new boys and girls club in Lahaina and watershed lands in the West Maui Mountains. The proposed budget still needs to go through final approval by the end of the month. The new fiscal year will begin on July 1, 2006. For more information on the new budget, check out today’s Maui News.