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!
Just a reminder…..Last Day to file for property exemption!
The Hansen Ohana wishes you a phenomenal 2017!
The appeal of the Islands just increased! According to Corelogic, Hawaii is the lowest paying property tax state at .31 percent.
The national average is reported at 1.31 percent. 16 states currently have a property tax rate below 1 percent, 28 states have a property tax rate between 1 and 2 percent, and 7 states have a property tax rate above 2 percent. Corelogic took into account all the unique factors each state has in levels of tax collection.
Higher rates are most noted in the northeastern states with Texas being an exception. Other then Illinois, the higher rate states have multiple levels of tax collection. The lower rate states have single level collection. Where does your state rank?
You can read this article in it’s entirety via Corelogic here.