Maui Real Estate Blog
New Fiscal Year Brings New Maui Property Tax Rates
The new fiscal year for the county of Maui started on July 1. The start of the new year means a change in property tax rates. The change in rates has been on the radar for some time. Local politicians had suggested this was forthcoming as the county has struggled with shrinking revenues and reduced assessed values for properties. After deliberation in April, the new rates were set in May. Here are the new property tax rates:
- Homeowner tax rates increased from $2.00 per $1,000 of assessed value to $2.50.
- Improved residential rates were raised from $4.85 to $5.00.
- Apartment rates were raised from $4.55 to $5.00.
- Unimproved residential was raised from $5.35 to $6.25.
There was also a new property tax classification created called commercialized residential. The commercialized residential rate of $4.00 per $1,000 applies to permitted Bed and Breakfast owners. There is a small but growing pool of homeowners who are approved for bed and breakfasts. There are more being processed through the county’s bed and breakfast application process. Here is a link to the county website with a complete list of all of the Maui County Property Tax Classifications and Rates.