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Need to Know: New Maui Property Tax Rates

Soaring ceilings complement the spacious great room at 885 Pulehuiki in Upcountry Kula, Maui

Maui County has recently announced the property tax rates for the upcoming 2023/2024 fiscal year. Following several noteworthy adjustments in rates and classifications in past years, the Mayor and the County Council have chosen a more conservative approach for the upcoming fiscal year.

885 Pulehuiki in Upcountry Kula, Maui
885 Pulehuiki is exclusively listed by the Sayles team for $3,375,000

Our property taxes for homeowner occupants continue to be the lowest in the country. The County of Maui much prefers to increase property taxes on our out of state residents. Those that have no ability to vote them in or out of office. You’ll see that reflected in the updated rates for Maui County in 2023/2024. If there is any change in rates, last year’s rates are noted for reference. All rates shown below are per $1,000 of assessed value.

885 Pulehuiki in Upcountry Kula, Maui

2023/2024 Maui Property Tax Rates

Owner Occupied

  • 1st Tier: up to $1,000,000 (Formerly $2.00) now $1.90
  • 2nd Tier: $1,000,001 to $3,000,000 (Formerly $2.10) now $2.00
  • 3rd Tier: more than $3,000,000 (Formerly $2.71) now $2.75

Non Owner Occupied 

  • 1st Tier: up to $1,000,000 (Unchanged) $5.85
  • 2nd Tier: $1,000,001 to $4,500,000 (Unchanged) $8.00
  • 3rd Tier: more than $4,500,000 (Unchanged) $12.50

Apartment 

  • (Unchanged) $3.50

Hotel and Resort 

  • (Unchanged) $11.75

Timeshare 

  • (Unchanged) $14.60
Wailea Ekolu 1603 Aerial View
What would the differences in property taxes be if you solely used Wailea Ekolu 1603 as a short-term vacation rental?

Short-Term Vacation Rentals 

  • 1st Tier: up to $1,000,000 (Unchanged) $11.85
  • 2nd Tier: $1,000,001 to $3,000,000 (Unchanged) $11.85
  • 3rd Tier: more than $3,000,000 (Unchanged) $11.85

Long-Term Rental 

  • 1st Tier: up to $1,000,000 (Unchanged) $3.00
  • 2nd Tier: $1,000,001 to $3,000,000 (Unchanged) $5.00
  • 3rd Tier: more than $3,000,000 (Unchanged) $8.00

Agricultural 

  • (Unchanged) $5.74

Conservation 

  • (Unchanged) $6.43

Commercial 

  • (Unchanged) $6.05

Industrial 

  • (Unchanged) $7.05

Commercial Residential 

  • (Unchanged) $4.50
Stunning Pool at 6681 Makena Rd, South Maui
Live the indoor/outdoor lifestyle at 6681 Makena Rd.

Maui Homeowner and Long-Term Rental Tax Reductions

If you have a primary residence in Maui or own property that you rent out on a long-term basis, you could potentially lower your tax obligations. The homeowner (primary residence) exemption allows residents to receive a $200,000 reduction in their property’s assessed value. Similarly, the long-term rental exemption grants a $200,000 reduction in assessed value if your tenant has a lease of one year or longer. If your primary residence shares the property with a long-term rental, you might qualify for a total reduction of $300,000 in assessed value.

Aerial View of 6681 Makena Road, South Maui
6681 Makena Rd exclusively listed by the Sayles Team for $11,977,000

Please note that the deadline for applying for homeowner or long-term rental exemptions for the upcoming fiscal year has passed. However, if you apply by the end of 2023, you will be eligible for the exemption and tax rate benefits for the 2024/2025 fiscal year. You can access the Long-Term Rental Exemption and Homeowner Exemption forms here. The eligibility criteria for the homeowner exemption can be complex, so it’s advisable to review the county’s Exemption FAQ to gain a better understanding of the requirements.

Hale Palauea on "White Rock" Beach in Makena, South Maui

Maui Property taxes are due in two separate installments. The first installment is due in August 2023 with the second installment in February 2024. Owners should have received notification of their new assessed values in March of 2023.

Contact a Maui Real Estate Specialist

Beyond being a trusted advisor in the real estate market, your REALTOR should be a professional who recognizes their role in supporting your wealth building and wealth preservation. Helping to magnify wealth is one of the core values of The Sayles Team; a set of guiding principles for how we serve our clients at the highest level.

Windy Roads, Ulupalukua, Upcountry Maui

As experts in the field, we are constantly learning and providing guidance about making the wisest choices for the future. If someone you care about needs guidance or recommendations, please share our contact information and we would be honored to help them! If you would like to receive our in-depth market update or would like an evaluation of your property’s value we would love to hear from you.

Aloha,

Anthony Sayles R(S)

808-280-6532

Anthony@DanoSayles.com

*This article is intended to be used for informational purposes and is by no means legal or tax advice* 

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