Good News For Long Term Rental Owners

Owners of long term rental properties will be eligible for tax exemptions. If a property owner has a signed lease for 12 consecutive months of the same occupant, the owner may be able to receive up to a $200,000 exemption. If you have more then one home you wish to file exemptions for, they must be on different parcels. Any portion used for commercial use will not qualify for exemptions.

Long term rental exemption applications need to be filed by December 31st for 2022. Applicants must also include the signed lease. Any questions can be addressed from the Real Property Assessment Division.

Real Property Tax Reminder

Today is the deadline, Friday, April 9th, to appeal your 2021 real property tax assessment or classification. There are a lot of questions concerning appeals this year due to recent changes to the Maui County Code related to real property taxes. Call us with your questions. Bob’s number is 808-283-9456

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!

Last Day!

Just a reminder…..Last Day to file for property exemption!

The Hansen Ohana wishes you a phenomenal 2017!

Hawaii The Lowest Property Tax Paying State

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?

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Courtesy of Corelogic States Ranked by Median Property Tax Rates

 

You can read this article in it’s entirety via Corelogic here.