Found 41 blog entries about FAQs.
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.
Many Sellers want to know where buyers of Maui County real estate call home (in this case, their legal residence). Historically, buyers originate largely from the state of Hawaii. In total, there were just 38 sales to foreign nationals out of 2067 in 2022, accounting for just 2% of the sales volume (number of sales) and 4% of the dollar volume ($). Buyers from the US represented 98% of the sales volume and 96% of the dollar volume.
The majority of Maui's buyers are Hawaiian residents, representing 67% of the sales volume (number of sales) and 56% of the sales volume ($). California runs second with 15% of the sales volume and 19% of the dollar volume ($). Washington follows as a
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Original Post Follows
This is an update to a post I wrote in 2017. Since writing that post, there have been updates to the county code and new legislative proposals affecting short-term rentals. Maui, like many places around the US that are popular vacation destinations, has grappled with affordable housing and workforce housing. In 2022, a moratorium was passed on the approval of new transient accommodations, as well as the implementation of a new long-term rental tax category
…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 2022-2023 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.
Rates are per $1000 of assessed value. In 2020, the County
…Each year, the County of Maui sends out a notice of the assessed value of a property on March 15th. This is the first step in determining the taxes that each property owner will owe for the upcoming fiscal year, that starts July 1, 2022 and ends June 30, 2023. The next step is the county council will meet in June and establish the new rates for each land class. Read More about the Maui County 2021-2022 Real Property Tax Rates
The Notice of Real Property Assessment-January 1, 2022 for real property taxes due July 1, 2022 through June 30, 2023 are now available online. These notices were mailed to property owners on 3/15/22.
The letters note that the assessed valuations were "derived using comparable sales that recorded up to June 30, 2021. The
…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. Also of note is the passing of Bill 129 (effective 2022) which provides an exemption for properties being rented long term and Bill 130 (effective 2021) which changes definitions relating to Non-Owner Occupied properties and Short-Term Rental classifications.
Fidelity National Title put together this helpful video when the new tiered system was introduced in 2020.
Rates are per $1000 of
…Here are Guidelines for Travelers to Maui with the new Pre-Testing travel program. Travelers will need to test with state approved partners: View approved testing partners as this is being updated as new testing protocols are made available.
For those coming to Maui, you must register for the Safe Travels online program at https://travel.hawaii.gov/ and create an account.
Pre-travel testing enables travelers to avoid a mandatory 14-day quarantine if they are tested within 72 hours before their flight to Hawaii departs with an FDA approved nucleic acid amplifications test (NAAT) and can show proof of the negative test result.
The State of Hawaii will only
…As Maui prepares to welcome visitors back on October 15, 2020 with a new pre-travel testing protocol, several businesses are reopening or adjusting their hours to accommodate more visitors and guests.
The following is an update on the Montage Kapalua Bay, Kapalua Golf and Tennis, and area restaurants that have made information available.
The Montage Kapalua Bay will welcome back owners and guests on October 15, 2020. View Residences for Sale at the Montage Kapalua Bay
The Spa Montage will open with reduced hours from 7am - 5pm daily. This applies to Club Members, Montage Residents, and Montage Resort
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Updated July 13, 2020
In response to COVID-19, the State of Hawaii implemented a 14-day quarantine for travelers which remains in effect until July 31, 2020.
June 16, 2020: As Hawaii flattened the curve, the state lifted the quarantine for interisland travel for residents and visitors who have completed the 14 day quarantine. The state implemented thermal screening and a stronger contact-tracing program. Travelers are required to complete a new interisland travel form, which must be provided prior to travel--anyone who has not submitted the form or has a temperature above 100.4 degrees will not be allowed to fly. For the forms and more information visit:https://health.hawaii.gov/travel/
September 1, 2020: In the wake of growing
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In response to COVID-19, the State of Hawaii implemented a 14-day quarantine for travelers. Initially, this included those traveling interisland, as well as those arriving to the state both internationally and from the mainland US. As the number of cases has dropped within the state, the government lifted the interisland quarantine starting on June 16, 2020. The quarantine remains in effect for mainland/international travelers to the state until July 31, 2020.
The state requires intersisland travelers to complete and submit a has a new travel form. This must be provided prior to travel--anyone who has not submitted the form or has a temperature above 100.4 degrees will not be allowed to fly. For the forms and more information
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