New property tax rates are out now, taking effect July 1, 2020.
Residents and owners of Maui properties will be glad to see that most of the tax rates have gone down from last year. While many rates have gone down, it’s notable that Short Term Rental went up from 10.75 to 11.08. Homeowners with low priced homes will benefit the most from the new low rate of $2.51 per thousand. Investors will be paying significantly higher taxes on their luxury second homes.
This year we’re seeing a new tiered system based on the property value, with increments up to $800,000 and $1,500,000 and over. The 3-tiered rate steps for owner occupants are all still lower than the previous year. Non owner occupant rates end up quite a bit higher than previously.
Some new points:
- Homeowner is now called Owner Occupied
- TVR’s and B&B’s are called Commercialized Residential
- Tiered system for homes based on assessed value
Can you afford to pay these kind of taxes?
Where do you fit in? Let’s go shopping for homes that work best for you.
Thanks for reading my blog…
Let me help YOU with your Maui real estate needs.
Georgie Hunter R(S) e-Pro, Hawai’i Life Real Estate Brokers
26 Baldwin Ave, Paia HI 96779
E-mail or call/text: 808 283-0635