May 2023

Found 2 blog entries for May 2023.

Maui Property Taxes Fiscal Year July 1, 2023-June 30, 2024
Changes: Classifications & Rates

Each year, Maui County does two things: assesses the value of the property AND sets new rates for the upcoming fiscal year, which runs from July 1st-June 30th.  Below is a snapshot of the new Maui County Property Tax Rates for 2023-2024 as well as a summary of how they've changed over the years.

How do you calculate your property taxes given the new tiered system?

Fidelity National Title put together this helpful video when the new tiered system was introduced in 2020.  Note the tier amounts have changed in 2022 from prior years.

Maui County Property Tax Rates 2023 vs Prior Years

Rates are per $1000 of assessed value.  In 2020, the County introduced a

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FAQ: Vacation Homes & 1031 Exchanges

1031 exchanges are common here on Maui, where many properties are second homes.  The following is a summary of the guidelines for Exchanging a Vacation Home as part of a 1031 tax deferred exchange.  The information outlined below is courtesy of Julie Bratton, of Old Republic Exchange Company.

IRS Guidance on Exchanging Vacation Homes:
Revenue Procedure 2008-16 Provides Safe Harbor 

Revenue Procedure (“Rev. Proc.”) 2008-16 provides a safe harbor for exchanges of vacation homes (defined as “dwelling unit” in the Rev. Proc.). This ruling provides clear guidance of the circumstances under which the IRS will not challenge whether a vacation home will qualify as property “held for investment” under §1031.  
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