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Market Update
It's no secret that property values on Maui have declined over the past several years. One thing that hasn't declined is Maui's $300,000 homeowner exemption. This is good news for Maui residents. But will it last?
According to a recent Maui News article, "almost a third of all homeowners on Maui today pay the minimum property tax. In total, the number of homeowners who pay the lowest amount of property taxes possible has increased by 800% since 2003.
To understand the significance of this percentage hike, let's briefly visit how Maui County property taxes work. Currently, if you own a property on Maui and use it as your principle residence, then you qualify for a $300,000 homestead exemption. If the county's tax appraised value for your property is less than the $300K mark, you pay the minimum annual property tax which is $150.00.
Another example Illima Loomis, the author of the Maui News article cites is: "The owner of a home valued at half-a-million dollars would pay about $500 in property taxes in Maui County, compared to $1,436 in Honolulu, $1,681 on Kauai and $2,553 on the Big Island, according to Finance Department calculations."
Maui homeowners are enjoying considerably lower property taxes than any other Hawaii county. Honolulu claims the second highest homestead exemption in Hawaii at $80k. This is significantly less than Maui's $300K. How long will Maui homeowners enjoy these unique property tax benefits? That remains to be seen as The Maui County Council is evaluating a proposal to lower the exemption to $200K.
To learn more about Maui property tax rates please visit the Maui County Department of Finance website.
As always, thank you for reading The Maui Real Estate Newsletter. We appreciate your readership!
Have a wonderful week,
The Smith Team
P.S. We mentioned it last week, but it's worth mentioning again: 3248 Akala Drive in Maui Meadows is going to auction. This multi-unit property on a half acre plus with extraordinary South Maui ocean views is going to auction this week on Wednesday, June 22nd at 11:30am HST.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
 
Market Watch for June 20th, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
754 (275) |
243 (30) |
834 (100) |
-9 |
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Condos |
1036 (203) |
251 (13) |
1113 (106) |
-7 |
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Land |
510 (118) |
34 (8) |
116 (14) |
-2 |
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Total |
2300 (596) |
528 (51) |
2063 (220) |
-18 |
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1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in number of active listings from the previous week.
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Homes Over $1M
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60 Kapuaimilia Place
Haiku
$1.998M (FS)
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The porte-cochere sets the architectural tone for this elegant country estate. Entering thru sunlit beveled glass French doors your eyes dance across gleaming Brazilian cherry wood floors, expansive 180 degree ocean vistas, thru elegant arches, & finally across acres of lawn & greenery.
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231 Kaupalena Place
Kapalua
$2.795M (FS)
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This beautiful property sits high atop a secluded ridge directly above the Kapalua Resort with forest reserve property on two sides and unobstructed ocean views.
Customer Listing Synopsis
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Homes Under $1M
966 Akaiki Place
Wailuku
$350K (FS) |
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Short Sale. This home has been extensively remodeled inside and out.
Customer Listing Synopsis
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37 Pa'alae Place
Wailuku
$499K (FS)
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Short Sale. Nearly new high quality 4 bd. 3 bath / 2 car garage home in a million dollar Wailuku neighborhood.
Customer Listing Synopsis
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323 Kamalei Circle
Kahului
$656.6K (FS) |
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Bank Owned. This one won't last long. This nearly new high quality 4 bd. 3 bath 2 car garage home in a million dollar Wailuku neighborhood offers too much to mention.
Customer Listing Synopsis
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894 Pulehu Road
Kula
$745K (FS) |
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This is a very unique property with two lots separated by a deep dry gulch that adds privacy between the vacant lot and cottage.
Agent Listing Synopsis
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Vacation Condo Over $1M
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Ho'olei C-5
Wailea
$2.85M (FS)
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Best of the best. Villa C-5 is located on the top row of the Ho'olei, representing one of the highest elevations on the entire property. Situated directly across from the Four Seasons and Grand Wailea Hotel Resort and Spa, Ho'olei truly represents the best Wailea has to offer.
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Vacation Condos Under $1M
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Island Sands #511
Kihei
$274.9K (FS)
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Bank Owned. 2 bedroom, 2 bath condo in a superb location with breathtaking ocean views.
Customer Listing Synopsis
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Mahina Surf #115
Kahana
$299K (FS)
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Short Sale. Postcard perfect oceanfront steal on Maui's exclusive west side in Kahana between Lahaina and Kapalua. Picture ocean views, breaching whales, and sunsets that you’ve only seen your dreams.
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Residential Condos
Kamoa Views #109
Kihei
$189.9K (FS) |
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Bank Owned. This unit sits within a complex which offers an in ground pool, security access gates, covered parking and much, much more.
Customer Listing Synopsis
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Hale Royale A-207
Honokowai
$236K (FS)
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Short Sale. Don't miss this opportunity, 1 of only 4 units with unique floor plan makes it the biggest one bedroom in the complex.
Customer Listing Synopsis
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Vacant Land
29 Papuhau Place
Wailuku
$220K (FS) |
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Bank Owned. Koa at Kehalani is a new subdivision of custom homes located above Wailuku below Wailuku Heights on the prestigious hillside.
Customer Listing Synopsis
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