Example of Maui County Property Tax Calculation
Maui County Property Tax calculation is a process used to determine the amount of property tax a property owner in Maui County has to pay. To calculate the property tax, the value of the property is multiplied by the tax rate set by the County of Maui.
For example, let's say a property in Maui County is valued at $500,000 and the property tax rate is set at 1.29%. To calculate the property tax, you would multiply the value of the property ($500,000) by the tax rate (1.29% or 0.0129).
The calculation would be: $500,000 x 0.0129 = $6,450
Therefore, the property owner would have to pay $6,450 in property taxes for that year. It is important to note that the property tax rate can vary depending on the location and type of property in Maui County.
If you want appeal your property tax assessment - contact your local tax assessor.
Maui County Property Tax Rates
The following table shows the current property tax rates in Maui County, with the rate per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Residential | $5.54 |
| Agricultural | $6.00 |
| Conservation | $6.25 |
| Hotel and Resort | $9.37 |
| Commercial | $7.25 |
| Industrial | $7.49 |
It is important to note that the assessed value of a property may differ from its market value. Property owners in Maui County should consult with a qualified tax professional to ensure they are paying the appropriate amount of property taxes.
Who sets property tax rates in Maui County ?
The property tax rates in Maui County are set by the Maui County Council. The council members are elected by the citizens of Maui County to represent their interests and make decisions on their behalf. The council typically sets the property tax rates once a year during the annual budget process.
During the budget process, the council reviews the county's finances and determines how much revenue is needed to support the county's operations and services. The council then sets the property tax rates based on this information.
The property tax rates are calculated as a percentage of the property's assessed value. Assessed values are determined by the Maui County Real Property Assessment Division. The division assesses the value of all taxable property in Maui County every year.
It is important for property owners in Maui County to understand how their property tax rates are set and how they can potentially lower their tax burden. Consulting with a tax advisor can provide helpful guidance on managing property taxes and developing tax planning strategies.
Homestead exemptions in Maui County ?
Here is a table of Homestead exemptions and deductions in Maui County, Hawaii:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Basic Exemption | All homeowners | $80,000 | Reduction in taxable value of primary residence |
| Additional Exemption | Seniors (65+) | $50,000 | Reduction in taxable value of primary residence |
| Circuit Breaker | Low-income seniors (65+) | Varies | Reduction in property tax based on income |
| Agricultural Deduction | Agricultural land owners | Varies | Reduction in taxable value of agricultural land |
| Conservation Deduction | Land owners with conservation easements | Varies | Reduction in taxable value of land |
| Disability Exemption | Homeowners with disabilities | $50,000 | Reduction in taxable value of primary residence |
| Historic Home Deduction | Owners of historic homes | Varies | Reduction in taxable value for homes listed on National Register of Historic Places |
| Native Hawaiian Exemption | Native Hawaiians on Hawaiian Home Lands | Varies | Reduction in property tax for residential or agricultural property on Hawaiian Home Lands |
It's important to note that eligibility and amount for each exemption or deduction may vary depending on specific circumstances. Homeowners in Maui County should consult with their local tax assessor's office for more information on eligibility and application processes.
Overall, these exemptions and deductions can provide significant savings for homeowners in Maui County, especially for seniors, those with disabilities, and owners of agricultural or historic properties.
When is Maui County Property Tax due ?
Maui County Property Tax is typically due on September 30th of each year. However, if September 30th falls on a weekend or holiday, the due date will be extended to the next business day.
There are several payment methods available for Maui County Property Tax. These include:
| Payment Method | Description |
|---|---|
| Online Payment | Property owners can make payments online through the Maui County website using a credit card or electronic check. |
| Payments can be made by mail using a check or money order. The mailing address is provided on the tax bill. | |
| Drop Box | Property owners can drop off their payments at designated drop boxes located throughout the county. |
| In-Person | Payments can also be made in-person at the Maui County Treasury Division offices during regular business hours. |
It is important to note that late payments may result in penalties and interest charges. Property owners should plan to make their payments on time to avoid these additional fees.
If you have more questions - contact your local tax collector.
How is Maui County Property Tax penalty calculated ?
Maui County Property Tax Penalty Calculation
Maui County imposes a penalty for late payment of property taxes. The penalty is calculated as a percentage of the unpaid balance and is added to the tax bill. The penalty rate for Maui County property taxes is 1% per month or fraction of a month, up to a maximum of 10%.
To better understand the calculation of the penalty, here is an example:
Suppose John owns a property in Maui County and the property tax bill is $10,000 for the year. John fails to pay the bill by the due date of September 30th. The penalty for late payment is calculated as follows:
| Month | Penalty Rate | Penalty Amount |
|---|---|---|
| October | 1% | $100 |
| November | 1% | $100 |
| December | 1% | $100 |
| January | 1% | $100 |
| February | 1% | $100 |
| March | 1% | $100 |
| April | 1% | $100 |
| May | 1% | $100 |
| June | 1% | $100 |
| July | 1% | $100 |
| Total | 10% | $1,000 |
In this example, John's penalty for late payment is $1,000, which is 10% of the unpaid balance of $10,000. Therefore, John's total property tax bill would be $11,000.
It is important to note that the penalty for late payment is in addition to any interest charged on the unpaid balance. Interest is calculated at a rate of 0.833% per month or fraction of a month, compounded monthly.
To avoid penalties and interest, it is important to pay property taxes on time. Maui County property taxes are due on September 30th of each year. If you have any questions about property tax payments or penalties, contact the Maui County Real Property Tax Division.
We recommend contacting the Maui County Tax Office or a local tax professional for the most up-to-date and accurate information.