According to today's Maui News, the average valuation of property across Maui increased almost eleven percent in the past year. In total, all Maui property was valued at over $40 billion. What does that mean? Perhaps this:

Mayor Charmaine Tavares has proposed cutting property tax rates to keep revenues – and tax bills – nearly flat in 2007-08… Tavares proposed a tax rate of $1.85 per $1,000 of assessed value for the owner-occupant class, down from the current $2.50. Other proposed rates include $4.70 for improved residential properties (down from $5), and $4.55 for apartments (down from $5). Council members expressed some reservations about the proposal, especially plans to include hotel and time-share properties in the rate cuts. Hotels would be taxed $7.30 per $1,000 value under Tavares’ plan, down from $8.20; time shares would be charged $12.75, down from $14.

The public hearing is this Thursday. Then we'll know. Go Charmaine!