At Maui County, if you occupy your property as owner occupied you are eligible for an exemption for lower real property taxes which is done via an exemption up to 200K that will be deducted from your property assessment before your net taxable value is calculated. Some of the other requirements are that you filed a 2014 Hawaii State Tax Return and that you are not delinquent on your real property taxes.
Here is an example of how this exemption can give you savings:
County tax assessment 450K, less 200K exemption, equals 250K net taxable value. Not only is the net taxable value less, but the rate as a homeowner is also less.
Currently the homeowner rate is $2.75 per $1,000 whereas the residential rate is currently $5.40 per $1,000. As you can see the saving are quite significant. Here is a link on the current rates: http://www.mauicounty.gov/DocumentCenter/View/98888
Here is a link from Maui County: Understanding Real Property Taxes which also provides a timeline on real property tax events and trigger dates.
http://www.mauicounty.gov/DocumentCenter/Home/View/6331
It is very important that you file your exemption before the end of the year otherwise you will have to wait another whole year before you are eligible for the exemption and lower tax rates.
Here is the exemption application: http://www.co.maui.hi.us/DocumentCenter/Home/View/3188
As a proactive and effective Realtor, I went back and checked with the County on all of my clients that purchased a home or a condo this year to see if they had filed their exemption. Not all did and I alerted them of the urgency to complete this and to walk it into the County vs. mailing it. For my clients, my service does not end after the closing.
Visit my website: www.FindMauiProperty.com for helpful links on real property tax, permits, etc. and to search the Maui MLS.
