County Council approves higher property tax rates
WAILUKU — A resolution that would increase property tax rates for majority of island residents and businesses was approved by the Maui County Council Wednesday morning.
The increases vary for the different classifications of property owners but basically rates will go up from a low of 5 cents to a high of 25 cents per $1,000 of net taxable assessed valuation.
The only category that will not see an increase is the residential classification, which usually includes second homes used as rentals. Some council members were concerned about increasing taxes for the residential category because they were worried about renters paying more because their landlord’s taxes were being increased.
The tax increases are expected to go into effect July 1.
For more on this story see Thursday’s edition of The Maui News.