An Updated Look at Maui County's Property Tax Rates for 2023/2024

I. Introduction

Aloha! As we navigate the ever-evolving real estate landscape here on the stunning island of Maui, it's crucial to stay updated on changes that could impact our property investments. A key aspect of property ownership is understanding property tax rates, which can fluctuate from year to year. For the upcoming 2023/2024 fiscal year, the County of Maui has released the new rates.

II. An Overview of the Changes

Following several significant adjustments to rates and classifications in recent years, the County Council and Mayor have opted for more minimal changes this fiscal year. I've summarized the updated rates for Maui County for 2023/2024 below. All rates are represented per $1,000 of assessed property value.

III. Property Tax Rates for 2023/2024

Here's a look at the adjusted rates for the upcoming fiscal year:

Owner Occupied Properties

• Tier 1 (up to $1,000,000): Decreased from $2.00 to $1.90
• Tier 2 ($1,000,001 to $3,000,000): Decreased from $2.10 to $2.00
• Tier 3 (more than $3,000,000): Increased from $2.71 to $2.75

Non-Owner Occupied Properties

• Rates for all three tiers remain unchanged.

Apartment, Hotel and Resort, Timeshare, Agricultural, Conservation, Commercial, Industrial, and Commercial Residential Properties

• All rates remain unchanged.

Short-Term Rental and Long-Term Rental Properties

• Rates for all three tiers remain unchanged.

For a better understanding of how your current or future property fits into these categories, you can refer to the county's description of different property type classifications.

IV. Homeowner and Long-Term Rental Exemptions in Maui

As a Maui resident or a long-term rental property owner, you might be eligible for exemptions that can reduce your tax bill. Both the homeowner (primary residence) exemption and the long-term rental exemption offer a $200,000 reduction on the property's assessed value. If your primary residence shares a property with a long-term rental, you could be eligible for a $300,000 total reduction.

Though the deadline for these exemptions for the upcoming fiscal year has passed, filing by the end of 2023 makes you eligible for the 2024/2025 fiscal year. You can access the Long Term Rental Exemption and the Home Owner Exemption forms online. For a clearer understanding of the homeowner exemption eligibility, I recommend reading through the county Exemption FAQ.

V. Property Tax Timelines in Maui

Keep in mind, these new rates take effect at the start of the fiscal year on July 1, 2023. Property taxes are payable in two installments – the first is due in August 2023, and the second is due in February 2024. Owners should have received notifications of their new assessed values in March of 2023.

VI. Conclusion

Understanding the property tax rates in Maui can be complex, but it's a critical aspect of owning real estate here. As your experienced local Realtor, I'm always here to help you navigate these complexities. Don't hesitate to reach out to me at 808-745-7445 or Gray@GrayMarino.com if you have any questions or need further guidance. Mahalo!

Gray Marino, RS-86136

Real Broker, LLC