WAILUKU — The County of Maui Department of Finance’s Real Property Assessment Division is reminding property owners that a new long-term rental classification and exemption have been established as part of the Maui County Code.

Effective Jan. 1, 2022, real property occupied as a long-term rental, with a signed contract to lease for 12 consecutive months or longer to the same tenant, may qualify an owner for an exemption of up to $200,000.

Real property rented on a long-term basis — 12 consecutive months or longer — without a home exemption will be eligible for the $200,000 long- term rental exemption and will be classified as Long-term Rental.

Real property with a home exemption that also qualifies for the long-term rental exemption will be eligible for an additional $100,000 exemption and will be classified as Owner-occupied.

The long-term rental exemption may be allowed on more than one home if located on separate parcels. If a portion of the property is used for commercial purposes, that portion will not be entitled to a long-term rental exemption.

If the property taxes are delinquent for more than a year, no long-term rental exemption will be allowed.

Any change in the actual use of real property with a long-term rental exemption must be reported by the owner within 30 days of that change.

The long-term rental exemption application form can be found at www.mauipropertytax.com.

The application form must be filed by Dec. 31, 2021, along with a signed copy of a lease contract, to qualify for the 2022 tax year.

Property owners may contact the Real Property Assessment Division with any questions; call (808) 270-7297 or e-mail rpa@co.maui.hi.us.