After much deliberation, the Maui County Council has opted to lower property tax rates across a number of property classifications. Home owners saw rates decrease while commercial enterprises saw increases. Some of the more prominent decreases were home owner’s rates decreasing from $2.50 to $2.00 per $1,000 dollars of assessed value. Apartment rates decreased from $5.00 to $4.55. Improved residential was decreased from $5 to $4.85 and unimproved residential was decreased from $5.86 to $5.35. Commercial saw an increase in tax rates from $6.00 to $6.25. Agricultural rates stayed the same at $4.50. Hotel rates, the category under which vacation rental condos fall, were unchanged. These rates will go into effect on July 1st. Overall, we have seen a few years in a row were property tax rates have decreased. This has been based in part on the rapid increase of assessed values from property appreciation. It would not be surprising if we see increases next year. Slowing rates of appreciation are a factor as are additional needs for county capital improvements and the need to fund county pensions.
