The County of Maui may have a total of 221,800,000 to spend this year. This is based on an increase in the real property valuations for all of Maui County which includes Maui, Lanai and Molokai. Property taxes make up forty percent of the county's overall revenue. Alot of property owners are appealing their valuations this year as they see the Maui real estate market has softened and want to make sure they are not paying more than their fair share of property taxes.
Our property tax rate in Maui County is very low, ranging from $2.00 -$14.00 (per thousand dollars in assessed value) Here in Maui County, we are fortunate to have numerous property tax relief programs for qualifying property owners. The following are some of the most popular programs:
- HOMEOWNER EXEMPTION: If you own and occupy your property as your principal residence on December 31 preceding the tax year, you are eligible for a homeowner exemption
- DISABILITY EXEMPTIONS: There are a variety of disability exemptions offered to property owners.
- CIRCUIT BREAKER CREDITS: This is a tax break that many Maui real estate owners don't know about. Here's how it works: If you qualify for a homeowner exemption (occupy your residence as your principal residence) and your real property taxes exceed 2.5% of your adjusted gross income, you may be eligible for a circuit breaker tax credit.
For more information on property taxes here in Maui County, view our Maui property tax rate sheet. If you're looking for Maui real estate enjoy browsing through all the current listings on the Maui mls at www.MauiPropertySearch.com or contact Karen Williamson R(s) at 808-281-5253.