Depending on what type of property you own in Maui County, you could be paying a higher property tax bill.
The Maui News recently reported that the county council approved a property rate rate increase for the next fiscal year (July 1, 2019 - June 30, 2020), with hotels and resorts seeing the highest hike. Homeowners, however, won’t see a significant increase in their tax rate.
These are the changes:
Hotels and resorts will see a surge from $9.37 per $1,000 of net taxable assessed value to $11.00 per $1,000 of net taxable assessed value, a boost of 17 percent.
Short-term and vacation rentals will see an increase from $9.28 per $1,000 of net taxable assessed value to $10.75 per $1,000 of net taxable assessed value, a 16-percent rise.
Homeowners will see the lowest tax burden, with just a slight rise - almost 2 percent - from $2.85 per $1,000 of net taxable assessed to $2.90 per $1,000 of net taxable assessed.
Exactly how much you pay on your bill will be determined by how much value the tax assessor assigns to your property.
The Maui News reported that the approved tax rates are expected to bring in about $355.7 million in revenue, a funding boost that local officials say is needed to pay for increased services to the island’s residents. The new rates will go in effect on July 1.
Despite the increase, Hawaii property owners still face some of the lowest property tax burdens in the nation. According to WalletHub, the Aloha State has long had some of the lowest property tax rates, with the owner of a home appraised at the state median value paying slightly more that $1,500.