Maui Best Property Tax Rates Prevail!

The budget chairman, Riki Hokama, said Friday that he had nixed the mayor’s proposed tiered scheme for property taxes designed to increase income from second homes and investment properties.

His proposed property tax rate structure follows with proposed and current rates per $1,000 of assessed value:• Homeowner, $2.85, $2.86.• Commercialized residential, $4.55, $4.56.• Residential, $5.52, $5.54.• Agricultural, $6, $6.01.• Apartment, $6.31, $6.32.• Conservation, $6.35, $6.37.• Commercial, $7.25, $7.28.• Industrial, $7.45, $7.49.• Short-term rental, $9.28, $9.28.• Hotel and resort, $9.37, $9.37.• Time share, $15.41, $15.43.

Maui continues to have reasonably low real estate tax rates. Contact The Hansen Ohana today for all your real estate needs!

Lahaina Bypass Set To Open April 23rd

On Sunday the controversial southern terminus Lahaina bypass was blessed.  The $48.7 million project runs 2.6 miles. The project will redirect Lahaina bound traffic. This section is scheduled to open on April 23rd.

Not everyone is please with the new traffic redirection. Director Jade Butay has vowed his commitment that any issues that arise from the new bypass will be addressed. The hope for all involved with the project is that the new section will run smoothly once people get used to it.

Hydroponic Farm Set To Open This Year

The indoor hydroponic farm is scheduled to open later this year. The Larry Ellison partnership will be able to grow and sell vegetables for cheaper than produce thats imported. Last August Ellison announced the Sensei project on Lanai. Sensei would use automated computer hydroponic farming in large greenhouses.

Also set to reopen later this year is the Four Seasons Resort Lanai, The Lodge at Koele. The property closed in January 2015 in order for extensive renovations to be done totaling approximately $75 million. A new spa and fitness center are among the new amenities the lodge will provide.

Lani is the first Sensei farm for the Los Angeles based company. The first crops will include Black Trifle tomatoes, and Komatsuna mustard greens. We look forward to viewing the completed project!

Low Inventory Increases Home Pricing

Maui home prices have increased 8.8% in the last year and condominium prices rose 7.2% for 2016. These market increases are due to low inventory. Most housing markets across the nation have shown an increase in the median price.

Once listings hit the market, houses and condos were selling at a faster pace than in 2016. Days on the market for homes was down 8.4 % and for condos down 3.8%. Kihei accounted for 40% of the condos sold in 2016.

New housing projects to look for in Kihei by Alexander & Baldwin’s Kamalani. The first phase of this new development will be releasing 170 units.

Feel free to contact the Hansen Ohana for all your real estate needs! To read more on the market trends for Maui, visit the Maui News website here.

Hawaiian Airlines Adding More Flights

Hawaiian Airlines is looking to add more flights to Kapalua due to high demand. More residents are taking flights from Kapalua to Oahu. These flights previously were considered to be taken only by visitors. Hawaiian Airlines will also be looking at doing direct flights to Las Vegas and also to Long Beach.

To read more information on the changes with Hawaiian Airlines here via Maui News.