As expected, the county council of Maui County has given initial approval to lower the homeowner’s exemption from $300,000 to $200,000, and to tighten the regulations for those applying for this exemption. Read the full Maui News article here.
The stimulus behind this bill is that property values in Maui County have dropped so significantly in the past couple of years eliminating the need for such a large exemption. Even if Maui does go to a $200,000 homeowner exemption, we would still have the highest exemption amount as Honolulu County is the next highest at $80,000. Read one of my previous blog posts about how Maui County has the lowest property taxes in the State of Hawaii, Maui County Property Taxes – Lowest in Hawaii.
Here is the updated property taxes from my good friends at Title Guaranty Hawaii:
Are you interested in purchasing property on Maui, but don’t know what classification the property would fall into? Please reach out directly to me at my below contact information, or feel free to create your own HawaiiLife.com account, where you can view all properties on the MLS and save your favorites. Just click here and you will see the tab at the very top right of the page that says Sign Up, which you can then click on and follow the steps—it is easy and rewarding.
Jeremy Stice, R(S)