Real property tax dates to remember
Happy holidays to all!
With the end of 2014 rapidly approaching, it is time to remember to make sure your home is properly classified for real property tax purposes. December 31 is the last day to file for a homeowner exemption. You must be a Maui resident to qualify for the homeowner exemption.
If the use of your property has changed during 2014, you may need to change the classification of your property. For example: you have turned a condominium that was being used as a vacation rental into a long-term rental.
The 2014 rate for a vacation rental condominium is $9.11 per $1,000 of assessed value. The 2014 rate for an apartment is $6.20 per $1,000 of assessed value. The use of your property makes a difference in the amount of real property taxes you will pay during the next fiscal year.
On Jan. 1, the assessed values are determined for the coming year. The assessed values are mailed March 15 to all property owners. The real property tax assessed value postcard is very important. Watch for the tax assessed value card in your mail in mid-March 2015. Reason: the deadline to appeal your tax assessed value is April 9. To appeal, you must believe that the variance between the actual value and the assessed value is greater than 20 percent. You will also need to submit a check with your appeal, should you decide to appeal your assessed value.
By June 20, 2015, the Maui County Council will determine the real property tax rate for the coming year. On July 1, the new tax year starts based on the Jan. 1 assessed values and the fiscal tax year rates. For more information, go to www.mauipropertytax.com.
The market is still fluctuating. Interest rates are very favorable for those who qualify. Inventory is up, with sellers looking forward to a busy winter season. Interested in selling or buying? E-mail me at Laurie@Lowson.com or call my cell at (808) 276-8001 For Maui real estate information, go to www.Lowson.com.