When you own property on Maui, you’ll be mailed an assessment of the value, usually in March. If you feel they are far off the mark, you can appeal before April 9th. But be warned that an appeal may not always work in your favor.
Property Tax Classes & Rates on Maui (2016-2017)
Multiply the rate by the assessed value in thousands. For example, if your condo is assessed for $500,000, you would be paying 500 x $6.00, which comes to $3,000, which is paid in 2 installments of $1,500. Payment due dates are February 20th and August 20th.
- Residential $5.30
- Apartment $6.00
- Commercial $6.60
- Industrial $6.69
- Agricultural $5.66
- Conservation $5.80
- Hotel and Resort $8.71
- Timeshare $14.31
- Homeowner Occupant $2.70
- Commercialized Residential $4.35
What’s Commercialized Residential?
This class refers to properties where the owners are engaged in business, such as a Bed & Breakfast or Transient Vacation Rental, and those parts of the property that are used for business are taxed at a different rate than their home.
What’s a TMK?
Every property in Hawaii has a Tax Map Key or TMK to identify it, and on Maui it will look like this: 2-2-6-004-003-000 or maybe 260040030000.
The first digit refers to the division or island, with 2 standing for Maui. The second digit refers to the zone as each island is divided into zones. The third digit refers to the section within that zone. The fourth number (with 3 digits) references the plat. The fifth number (with 3 digits) references the parcel number, the actual lot number within that plat. Finally, the last four digits are for the units in a CPR or Condominium Property Regime.
Please use the TMK number in any correspondence with the County concerning your taxes.
Tax Relief is Available to Qualified Owners
By far the best rate is the one offered to homeowners who live in their own home. This helps to make living on Maui a bit more affordable. To qualify for this rate you will be required to show proof of filing your income taxes in the state of Hawaii. You have until December 31st to apply for the homeowner exemption, which will knock $200,000 off the assessed value as well. Other programs are available based on disability, military service, child care, and more. Check with the County for more details: 808.270.7297.
An oceanfront Maui home on the North Shore
Are You Ready to Own a Maui Home?
Knowing that our property tax rates are so favorable gives you more buying power towards that home in the islands that you’ve always dreamed about! Let me help you find a home, and get through the buying process with ease.
Georgie Hunter, R(S), e-Pro