County Property Tax Rates are Set
The Maui County Council voted unanimously yesterday to approve the proposed rates and their budget for fiscal year 2022.
The short term rental class saw the implementation of tiers and rates set at $11.11 for tier one, $11.15 for tier two, $11.20 for tier 3. The largest amount of real property tax revenue in Maui County comes from short term rentals, this year they will generate $142.4 million, up from $113.8 million last year during the pandemic. Vacation rentals represent 37% of our real property tax revenue for the current fiscal year and pay for 17% of the county’s operating budget. As such vacation rentals are the largest source of funding for the Maui County Affordable Housing Fund raising $8.6 million in the current fiscal year, and have been the biggest source of funding for the last 3 years.
On the whole visitor accommodation related properties raised 55% of the County’s real property tax revenue. The hotel class saw an increase in rates to $11.75, and Timeshare saw a raise in rates to $14.60.
Certified values increased for short term rentals in FY2022. Certified values decreased by 19% for Hotel classification and 7% for Timeshare classification.
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