Maui County certifies property tax values report showing 14% increase in net taxable value

On April 21, 2025, the Maui County Budget, Finance, and Economic Development Committee convened to discuss the certification of real property tax values for the upcoming fiscal years. The meeting highlighted a significant 14% increase in net taxable values, which is expected to impact the county's budget and tax rates.

The real property assessment division reported that the certified value for the 2025 assessment year stands at approximately $83.7 billion. This figure reflects gross assessed values after accounting for exemptions and appeals. The increase in taxable values is attributed to ongoing market trends, new construction, and subdivisions, despite adjustments for properties affected by recent wildfires.

The committee noted that the mayor's proposed tax rates include reductions for owner-occupied properties and more favorable tiers for long-term rentals. The projected real property tax revenue is estimated at $643.6 million, which is slightly lower than the mayor's initial budget proposal of $650.4 million. This discrepancy is largely due to appeals and corrections made during the assessment period.

Additional discussions included the impact of Ordinance 57 27, which provides tax relief for properties damaged by wildfires. The committee emphasized the importance of maintaining a balance between tax relief measures and the county's revenue needs, as rural property taxes continue to be a significant source of income for Maui County.

The meeting concluded with a reminder that all real property materials are available for public access on the county's website, ensuring transparency and community engagement in the budgeting process. The committee's discussions will play a crucial role in shaping the county's financial strategies for the next fiscal years.