From the news on ARDA’s website: “The city and county of Honolulu, Hawaii have proposed an ordinance (Bill 43) that would change how timeshare property is categorized for real property tax rate purposes.”
As it stands now, timeshares are classified as hotel and resort real property. What that means is that timeshares are taxed at the same rate as hotels. The new ordinance would create a new category of taxes specifically for timeshares. What does this mean for you as an Oahu based timeshare owner? Higher taxes are in your future!
Here’s how they see it in the news article: “Higher property taxes would harm timeshare owners who own on Oahu and Oahu-based HOAs in many ways.
1. Hawaii property tax assessments are already among the highest of any jurisdiction in the United States.
2. Timeshare owners, when compared to other property tax payers, would bear a disproportionate tax burden.
3. 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.
Those that would be effected by the higher tax (timeshare owners and HOA’s) are being notified and need to work hard to prevent the ordinance from passing.
Are your timeshare taxes, maintenance fees, and special assessments driving you crazy? You are not alone. Those fees are one of the most often cited reasons for timeshare owners deciding to sell their timeshare. But when you decide to sell your timeshare, the resorts and states are not much help. In fact, they use scare tactics and misinformation to dissuade you from selling your timeshare.
In most cases all the same rights transfer to the new owner when you sell your timeshare. Be sure to check out the details before conveying that to a prospective buyer. But most of the time they’ll get everything you did when you bought your timeshare. Including the bill!
That’s good news for most timeshare owners. They just want to see the fees go away for a timeshare they no longer can or want to use.
Now your best bet for selling your timeshare is to use a timeshare resales specialist / broker to facilitate the sale. That way you will have the peace of mind that a timeshare professional who has ethics, training, and experience will handle the advertising and closing for you.
In the end you will have a closing check in your mailbox instead of a tax – maintenance fee – assessment bill.
There’s the good news in this story!