Selling your Maui home? What about the conveyance tax in Maui County?
When it comes to selling a home on Maui you'll be expected to pay the conveyance tax upon the close of escrow. This is a cost paid by the seller and the amount is determined by a couple of things. The sale price is one of the factors that determine the rate you'll pay. Whether the buyer intends to reside in the home is the other factor.
The tax applies to single family homes and condos. Since vacant land cannot be occupied, this system is not applicable and it would be taxed per Scale #1. Likewise for commercial properties.
Sale Price - It's a tiered scale which favors the lower priced properties. The higher the price, the higher the rate of tax. Here's how it breaks down in the case where the buyer will qualify for the homeowner/occupant exemption, or Scale #1:
- sells for $0 to $600,000 - you pay $0.10 per $100
- sells for $600,000 to $999,999.00 - you pay $0.20 per $100
- sells for $1,000,000 to $1,999,999.00 - you pay $0.30 per $100
- sells for $2,000,000 to $3,999,999.00 - you pay $0.50 per $100
- sells for $4,000,000 to $5,999,999.00 - you pay $0.70 per $100
- sells for $6,000,000 to $9,999,999.00 - you pay $0.90 per $100
- sells for $10,000,000 or more - you pay $1.00 per $100
- sells for $0 to $600,000 - you pay $0.15 per $100
- sells for $600,000 to $999,999.00 - you pay $0.25 per $100
- sells for $1,000,000 to $1,999,999.00 - you pay $0.40 per $100
- sells for $2,000,000 to $3,999,999.00 - you pay $0.60 per $100
- sells for $4,000,000 to $5,999,999.00 - you pay $0.85 per $100
- sells for $6,000,000 to $9,999,999.00 - you pay $1.10 per $100
- sells for $10,000,000 or more - you pay $1.25 per $100
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