The Maui News announced yesterday that the County Council has officially set property tax rates for Fiscal Year 2009. I was pleasantly surprised that the tax rates will remain the same as this years. When folks from the mainland purchase property on Maui they are often surprised at how low our property taxes are. Here are the 2009 categories and rates:

• Homeowner: $2 per $1,000 of assessed value
• Improved Residential: $4.85 per $1,000 of assessed value
• Apartment: $4.55 per $1,000 of assessed value
• Commercial: $6.25 per $1,000 of assessed value
• Industrial: $6.50 per $1,000 of assessed value
• Agricultural: $4.50 per $1,000 of assessed value
• Conservation: $4.75 per $1,000 of assessed value
• Unimproved Residential: $5.35 per $1,000 of assessed value
• Hotel: $8.20 per $1,000 of assessed value
• Timeshare: $14 per $1,000 of assessed value

I do enjoy having low property tax rates, but at the same time fear that the slowing economy and real estate market may impact the Maui County budget more than has been estimated. Only time will tell.

There are still advocates pressing for simplification and reform of the Maui County Property Tax System. It looks like that will have to wait for another year. If you would like to read the article in its entirety Click Here