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• <br /> COUNTY OF HAWAII STATE OF HAWAII <br /> rE a0;F <br /> BILL NO. 27 <br /> ORDINANCE NO. <br /> AN ORDINANCE AMENDING CHAPTER 19,ARTICLE 7, SECTION 19-53 AND <br /> REPEALING CHAPTER 19,ARTICLE 7, SECTION 19-58.1 AND SECTION 19-58.2 OF <br /> THE HAWAII COUNTY CODE 1983 (2016 EDITION,AS AMENDED),RELATING TO <br /> THE NONSPECULATIVE RESIDENTIAL USE REAL PROPERTY TAX <br /> DEDICATION. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. Chapter 19, article 7, section 19-53, of the Hawaii County Code 1983 <br /> (2016 Edition, as amended), is amended by amending subsection(g)to read as follows: <br /> "(g) Limitation on homeowner assessment. <br /> [(0] For-properties in the homeowner class as of January 1, 2004 [and no <br /> te nonspee-ulative residential use], the assessed value of the <br /> property shall not increase more than three percent per tax year until <br /> the parcel is sold or any portion thereof sold by way of conveyance <br /> which is subject to conveyance tax under terms of chapter 247, Hawaii <br /> Revised Statutes, at which time the property will be assessed at market <br /> value. In addition to the three percent limit of this subsection any <br /> improvements undertaken on the property within the tax year shall be <br /> assessed at market value. All parcels entering this class after January 1, <br /> 2004 shall have the assessed value as of January I of the following year <br /> and be subject to the above provisions. <br /> [(2) These pr-epeffies dedieated to nenspeettlative r-esidenfial use as e <br /> Tann 1, 2004 may tefminate the dedieation without imposition e <br /> fetr-eaefive taxes iipen filing and appfeva4 of pefifien f6f s , <br /> tefminafien with the dir-eeter-ef finanee by Septembef 1, 2009. Upon <br /> tefminatien of the dedieation these pfopefties shall be assessed at th <br /> fnafket value and s*ec4 to seetion 19 53(g)(1). <br /> (3) These pr-opeffies dedieated to nenspeeWative r-esidenfial tise as e <br /> iaftuafy 1,2004 may eentinue the dedieatien and Wen teffnination of <br /> the dedieafien period the pafeel shall be assessed at the market value <br /> and the yeaf following the tefminatien be s*ec4 to see4ien 19 53(g)(1) <br /> u-n4ess the dedieatien is fenewed as pfevided in see4ion 19 5 <br /> (4) These pfopeilies dedieated to nonspee-elative fesidepAial use as of th <br /> effeetive date of this efdinanee may tefffiinate the dedieation without <br /> the imposifieti of r-etfeaefive taxes Won filing and appfeval ef pefifien <br /> fef temiination of dedieatien with the dir-eetef of finanee by Septemb <br />