For a new homeowner who is looking forward to building a home on Maui, a homeowner site assessment from the County must be performed. This may take place before the building process is even considered for new construction.
What Is An Assessment?
An assessment is the monetary value of the property. This value is used to calculate the real property taxes for the property itself. Homeowner site assessment allows the County and the homeowner understand this value and plan for property taxes in their budget.
Assessments are done annually, utilizing comparable sales recorded through June 30th prior to the date of assessment. The values represent 100% of the full and unencumbered market value of the property The assessor uses mass appraisal methods and standards to calculate market value. If you believe there is an error in the assessment, you should contact Maui’s assessment office directly to discuss your case with an appraiser.
The assessment is a compendium number valued at 100% of market value using market data. However, there are separate tax rates for the land and the building. Therefore, part of your assessment is allocated for land and part for the building. The appraiser is simply seeking to fairly determine values for each individual property, including the land and all structures.
Assessments On An Uncompleted Home
The county makes site inspections both during construction at and at the end to determine the percentage that’s completed. The construction is then assessed at the completed percentage as of December 1st for the next year’s assessment. Once the construction is completed, the assessment is rated at the full value of the property.
The assessment reflects the current real estate market during a specific time. Sales that happen after the prescribed timeframe are reflected in the next year’s tax assessment.
Where Can I Find Local Market Values?
You can find this information online at Mauipropertytax under Assessment Information Market Land Value.
Maui County’s Real Property Tax Assessment website offers information about tax assessment records, along with property maps for Maui County and information about its taxing procedures. You can search for records, download forms, including the new one for long-term rental exemptions and condominium use verification.
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