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        <title>Maui Real Estate &amp; Lifestyle News</title>
        <link>http://www.luxuryrealestatemaui.com/blog/2016-10/</link>
        <description>Courtney M. Brown, Realtor (S) Blog: information on the Maui real estate market, trends, and listings. Homes, condos and land for sale.</description>
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    <guid>http://www.luxuryrealestatemaui.com/blog/maui-county-property-taxes-understanding-assessed-values-classifications-and-rates.html</guid>
    <link>http://www.luxuryrealestatemaui.com/blog/maui-county-property-taxes-understanding-assessed-values-classifications-and-rates.html</link>
        <author>cb@luxuryrealestatemaui.com (Courtney M. Brown)</author>
        <title>Maui County Property Taxes: Understanding Assessed Values, Classifications and Rates</title>
    <description> <![CDATA[ 
As many of the buyers of Maui real estate purchasing the property as a second home, the way property taxes are assessed here may differ from how properties are assessed in their home state or county.  


Each Year, Maui County will assess both property values and establish new rates.  The 2016-2017 rates follow below:


 





While the county assess rates on a /$1000 basis, when coming up with figures, I find it easiest to use $1M.  For example, if buying a condominium that will be rented as a vacation rental, it would fall under the Hotel &amp; Resort category, which is $8.71/$1000.  If you are buying a property assessed by the county at $1,000,000, it would be $8,710/year.  If the property is $500,000, it would be half that, or $4,355.  The following is a brief overview that should help you better understand the assessment process, rates, and classifications:


Maui County Property Tax Overview:


Each year, Maui County assesses real property taxes, establishes assessed property values, and determines rates for the various property classifications.


Property Taxes are based on a formula, whereby the Assessed Value (minus any applicable exemptions) is multiplied by the Classification Rate




The fiscal year begins July 1st and ends June 30th of the following year.


Property tax assessments are based on comparable sales that recorded up to June 30th prior to the assessment date.  The assessed values represent 100 of the full, unencumbered fee simple market value. As an example:To establish the assessed value of a property for the 2016 assessment year, the sale period used is from July 1, 2014 to June 30, 2015. Any sales occurring after this time frame will be reflected in the following year’s assessment.*


The assessed value is multiplied by the tax rate for the classification of the property, which is based upon the highest and best use


The county will mail a form for the owner to declare their use


If a member of a condominium association (Association of Apartment Owners), the AOAO is required to file a use declaration annually.  This helps the county monitor accurate reporting of the classifications.


When purchasing a property, the Buyer will pay the tax rate based on the prior owner’s classification until the next fiscal year.   This may be a higher or lower rate than the Buyer’s intended use of the property. The county will send a form to owners to declare their use.


Each year, the county determines and announces the tax rates.




Property Tax Classifications/Rates: 




Properties that have been granted a homeowner exemption, are classified as Homeowner.


A property owner that uses the property as a second home (no short term rentals) or rents the property long term (180 days or longer) will be categorized by the classification (e.g., Residential, Apartment, Ag).


Condominiums are classified upon consideration of their actual use (e.g., Homeowner, Apartment, Hotel/Resort).


Properties which have been granted a bed and breakfast permit, a transient vacation rental permit, or conditional permit to operate a transient vacation rental are classified as Commercialized Residential




For most buyers of residential property or condominiums, use might be one of the following:




Homeowner: Primary residence (files income taxes in the state of Hawaii)


Residential/Apartment: either uses it solely as a second home, or rents long term (a rental of 180 days ore more)


Hotel/Resort: condominium apartment owner who rents the property short term (any period less than 180 days).


Commercialized Residential: residential owners with permits to rent short term.




Appeals and Contact Information:


*Taxes often are not reflective of the current market condition, as the current assessment reflects the real estate market based on comparable sales before June 30th prior to the assessment date.


An owner may appeal with the county if they disagree with either the usage or the assessed value.  There is a fee to appeal to the Board of Review.  All appeals must be received by the appeal deadline.


County of Maui Real Property Tax Division70 East Kaahumanu AveMaui Mall, Suite A-16Kahului, HI 96732Phone: (808) 270-7297Fax: (808) 270-7884


Important Dates:






January 1


Assessed values established for use during the next fiscal year




January 20


Second half of fiscal year tax bills mailed




February 20


Second half of fiscal year tax payment due




March 15


Assessment notices mailed




April 9**


Deadline for appeals




May 1


Certified assessments forwarded to the county council for budget review




June 20


Tax rates established by the county council




July 1


Fiscal year commences.  Tax rates are based on the January 1 assessed values and fiscal year tax rates




July 20


First half of fiscal year tax bills mailed




August 20


First half of fiscal year tax payment due




September 1


Deadline for filing dedication petitions




December 1


Condominium AOAO use declarations filed




December 31


Deadline for filing circuit breaker applications for the next fiscal year




December 31


Deadline for filing exemption claims and ownership documents






**The County of Maui website indicates two dates as the deadline—April 9th and 11th, so please confirm on the county website. 


The above is a brief overview of information frequently requested by buyers.  More comprehensive information can be found at the county of Maui’s Property Tax website. www.mauipropertytax.com &gt; Real Property Tax Info. Buyers may wish to consult with their tax professional or contact the County of Maui with any questions.


You may also search property records at www.mauipropertytax.com


 
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    <pubDate>Wed, 12 Oct 2016 15:04:00 -1000</pubDate>
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    <link>http://www.luxuryrealestatemaui.com/blog/introducing-kapalua-golf-villa-26t8.html</link>
        <author>cb@luxuryrealestatemaui.com (Courtney M. Brown)</author>
        <title>Introducing Kapalua Golf Villa 26T8</title>
    <description> <![CDATA[ 
Kapalua Golf Villa 26T8


This spectacular one-bedroom townhouse villa is situated overlooking Kapalua's Bay Course with views to the Pacific Ocean and the channel between the islands of Lanai and Molokai.







Owners in Kapalua may apply for membership in the Kapalua Club, which offers an array of benefits to its members.  Currently, a club membership allows use of the Spa Montage, the Beach Club at Montage Residences Kapalua Bay, and special rates for golf and tennis.


The Kapalua Golf Villas are centrally located within the Kapalua Resort, close to shops, restaurants and beaches.  For more information on any Kapalua properties, contact Courtney.
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    <pubDate>Wed, 05 Oct 2016 13:31:00 -1000</pubDate>
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