Tag Archives: economy

New Tax Rates Effective July 1st

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County of Maui

REAL PROPERTY TAX RATES

2019 – 2020

(July 1, 2019 – June 30, 2020)

 

Real property tax rates are per $1,000 of net taxable assessed valuation

Homeowner/Main Residence

(After Homeowner’s Exemption) $2.90

Residential/Second Home

(Long-Term Rentals) $5.60

Apartment $6.31

Agricultural $5.94

Hotel & Resort $11.00

Commercial $7.39

Industrial $7.48

Conservation $6.43

Time Share $14.40

Commercial Residential $4.60

Short Term Rental $10.75

 

Suggested websites for more tax information:

http://www.MauiPropertyTax.com and http://www.MauiCounty.Gov

New Rental Car Facility In Kahului

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Kahului opened the brand new Consolidated Rent-A-Car (CONRAC) Facility this week. The project is the largest single works project on Maui.

CONRAC took three years to build and has created hundreds of local jobs. No taxpayer dollars were used in the $340 million project. All the money was raised via car rental customers. The CONRAC has all the major car rental companies in one location. The structure is over 1 million square feet and is being praised for its esthetically pleasing appearance.

A new free tram will shuttle passengers from the airport to the CONRAC. A roundtrip on the tram will take approximately only 6 minutes.  The Kahului Airport rental car industry generates the most funds of all the Hawaii rental car facilities. Daniel K. Inouye Airport in Honolulu is scheduled to complete their CONRAC facility in 2021. Travelers and locals alike will appreciate the reduction in traffic congestion.

Median Home Prices Set Record

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Single family home prices set a record according to the Realtors Association of Maui. In April the median sale price was $819,500. This is the first time since 1993 that median prices have broken the $800,000 mark.

Kapalua had the biggest home sale in April at $3.3 million, with the majority of home sales in Wailuku coming in at a median price of $702,290. Median condo sale prices came in at $440,000.  The most expensive condo sale came in Kapalua at $2.9 million. Largest number of condos sold were located in Kihei at a median price of $429,000.

Pending sales also increased for single family homes to 24.2%. with pending condo sales declining 4.8%. Both single family homes and condominiums had a decrease in days on the market. Single family homes decreased 22.3% and condos 12.1%.

Homes listed in competitive price ranges are the most attractive to buyers. Make sure to contact The Hansen Ohana with questions regarding buying and/or selling today!

Hawaii Small Business Conference

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On May 8th and May 9th the 3rd annual Hawaii Small Business Conference will take place at the Maui Arts & Cultural Center.

Anyone interested in increasing their business knowledge, expanding their professional network, whether they are business owners, managers or entrepreneurs are encouraged to attend.

Wednesday presentations will include a full day workshop beginning at 8:00 am and running until 5:00 pm. On the agenda topics include success planning, tax strategies, video marketing, technology and much more. Thursday will have workshops on a parallel schedule running from 9:00 am to 12:00 pm and 1:00 pm to 4:00 pm. Topics include Tools to Grow my Community and Business, Essential Systems for Small Business Success, and Intellectual Property and Branding.

This event is presented by the Maui Economic Development Board with the support of the County of Maui Office of Economic Development.

Spring Newsletter

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Aloha All,

We thought it was time again for a little update of real estate statistics and happenings on Maui.

Many regions of the US Mainland continue to experience a slow-down although the majority of areas are also seeing modest increases in prices.  The vast majority of economists continue to predict that the market will continue to steadily increase, but at a much more sustainable pace (3% or so).  The really good news is that the FED’s have indicated that there will be no interest rate increases from them for the rest of the year.

Inventory on Maui is still shrinking, and the “Median” Sales Prices increased 4.8% to $712,718 for homes, and increased 13% to $524,500 for condominiums.  On the other hand, the “Average” sales prices for homes decreased 11.1% to $1,001,880 and the average sales price for condos decreased .03% to $693,952.  Less inventory could mean upward pressure on prices in the long run. The reason for this disparity may be found in people more willing to purchase in the lower price ranges.

Luana Garden Villas at Honua Kai pre-sales continue to be strong – over 85% are now under contract.  Kalama Kai in Kihei has broken ground and vertical well building is under way.  D.R. Horton is currently offering new construction homes in Wailuku with some interesting incentives.  They are 2 story, with 3 or 4 bedrooms and priced between $667K-$721K.  We have some exciting listings in Wailea, Kapalua, Kahului, Kihei, Pukalani and Haiku ~ homes, condos and vacant land.  Just to mention a few locations: Wailea’s Best Villa with full garage, a large 4,100 square foot ocean view custom Wailea  home, a totally remodeled ocean view Maui Meadows home with cottage, plus so many more all over the Island.  Be sure to check all the featured listings on our website www.MauiRealEstate.net

Please give us a call for updates for your specific area.  We are here to help.  Following are our numbers.

Clint Hansen, R(B) 808-280-2764

Donna Hansen, R(S) 808-280-1650

Bob Hansen, R(PB)  808-283-9456

The Hansen Ohana

Maui Luxury Real Estate LLC

dad@mauirealestate.net