alohakevin
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Food for thought. Is timeshare on Maui its own tax class or is it hotel and resort?
Honolulu City Council Proposes Ordinance to Create New Property Tax Classification for Timeshare
July 17, 2013
Issue Brief
Currently, timeshare property in Honolulu falls under the classification of “hotel and resort” real property. This means that timeshares are taxed at the same rate as hotels and resorts. The proposed ordinance would create a new class of real property specifically for timeshares. This can only mean one thing – Oahu-based timeshare owners are one step away from paying higher property taxes!
A more detailed legislative description will be forthcoming as well as information on how owners and HOAs can participate in the process. Please visit www.arda-roc.org for further details.**
Impact
Higher property taxes would harm timeshare owners who own on Oahu and Oahu-based HOAs in many ways. First, Hawaii property tax assessments are already among the highest of any jurisdiction in the United States. Second, timeshare owners, when compared to other property tax payers, would bear a disproportionate tax burden. Third, owners would see an even more substantial increase in annual maintenance fees since maintenance fees would not only include the increase in property taxes but also a higher overall General Excise Tax and Transient Accommodations Tax assessment.
Position/Call to Action
The proposed ordinance is scheduled to be heard by the Hawaii City Council Budget Committee today, Wednesday, July 17, 2013.*ARDA and ARDA-ROC, working in conjunction with ARDA-Hawaii, are notifying impacted owners and HOAs alerting them to the measure immediately and are vigorously working to prevent the ordinance from passing.
Honolulu City Council Proposes Ordinance to Create New Property Tax Classification for Timeshare
July 17, 2013
Issue Brief
Currently, timeshare property in Honolulu falls under the classification of “hotel and resort” real property. This means that timeshares are taxed at the same rate as hotels and resorts. The proposed ordinance would create a new class of real property specifically for timeshares. This can only mean one thing – Oahu-based timeshare owners are one step away from paying higher property taxes!
A more detailed legislative description will be forthcoming as well as information on how owners and HOAs can participate in the process. Please visit www.arda-roc.org for further details.**
Impact
Higher property taxes would harm timeshare owners who own on Oahu and Oahu-based HOAs in many ways. First, Hawaii property tax assessments are already among the highest of any jurisdiction in the United States. Second, timeshare owners, when compared to other property tax payers, would bear a disproportionate tax burden. Third, owners would see an even more substantial increase in annual maintenance fees since maintenance fees would not only include the increase in property taxes but also a higher overall General Excise Tax and Transient Accommodations Tax assessment.
Position/Call to Action
The proposed ordinance is scheduled to be heard by the Hawaii City Council Budget Committee today, Wednesday, July 17, 2013.*ARDA and ARDA-ROC, working in conjunction with ARDA-Hawaii, are notifying impacted owners and HOAs alerting them to the measure immediately and are vigorously working to prevent the ordinance from passing.