Maui property tax

By
Real Estate Agent with Aloha Realty Group

How much is property tax on Maui? This is the most common question that I receive from the people that are interested in investing on Maui.

Unlike other states, the value of a property is assessed by Maui County appraisers every year, based on a sophisticated formula that takes into consideration the sales in the area during that period of time.

Once the value is determined, a taxpayer is taxed a certain number of dollars for every thousand dollars of the assessed value, for that type of property.

For instance, if you own a  resort condo, you will be taxed $8.20 for every thousand dollars of the assessed value. I.e. for a condo that is worth $1,000,000, property tax will be $8200/year.

If you own a  second home, you are taxed $4.85 per $1,000 of the assessed value.

If you reside on Maui, you benefit of a $300,000 exemption/deduction from your taxable value. On top of this, if you reside in a house, you will be applied a $2.00 rate, versus $4.85 rate applied to second homes.

To make it easy, if you own a $1 mil home on Maui:

- as a second home, you pay $4,850/year;

- as a resident, you pay $1,400/year.

What a better incentive to move to Maui?

To get more information, please visit www.mauipropertytax.com.

To see all homes listed on Maui, visit www.westmauihome.com

Aloha!

Posted by

Mihaela Stoops, REALTOR Broker

Aloha Realty GroupHonolua Bay

180 Dickenson St #217

Lahaina, Hi 96761 

www.ForSaleinLahaina.com                                      www.WestMauiHome.com    

      

Comments (4)

Randy L. Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

On Oahu they do not penalize non-owner occupants that way.  There is a break for if it your primary resident, but nothing that drastic.

Dec 01, 2008 08:32 PM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

The best incentive is living in Lahaina. Loggins and Messina sang about it way back in 1972 or so.

Dec 02, 2008 07:48 PM
Maggie Baumbach
Search Homes for Sale in Maryland at HelpShop.com - Reisterstown, MD

These tax rates seem pretty do-able, even for the expensive rates. Thanks for sharing it!

Jan 03, 2009 10:48 AM
Tim Bradley
Contour Investment Properties - Jackson Hole, WY
Commercial Real Estate Expert in Jackson Hole, WY

Hi Mihaela, thanks for the info. You inspired me to write a similar blog on Jackson Hole, so thanks for that too. Interesting that Maui gives such an incentive/discount for owner/occupants. I may suggest that to our county officials, as second home ownership is such a large part of our community as well.

Jan 04, 2009 03:35 AM