Aloha all my Maui property owners,
If you have a long term rental you will now be able to take Long term rental exemption of $200,000.
What does that mean to you? When you file your property tax you can reduce your property evaluation by $200,000.
So if your Maui County Tax records say your condo is worth $500,00 you will be able to reduce it to $300,000. You will only have to pay tax on the $300,000 reducing your tax base.
Which means you pay less taxes.
This will be available in 2022. Please always contact a tax professional for tax advice.
Below is a podcast which explains this new tax exemption:
Please contact us if us have any questions (808) 633-4850 or email us at info@LovelyMauiHomes.com