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SECTION 6. This ordinance shall take effect on July 1, 2021; provided that <br />those properties dedicated to nonspeculative residential use at the time this ordinance <br />takes effect that are then assigned to the homeowner class and taxed at the homeowner <br />tax class rate shall be assessed at the affected property's 2021 assessed value through the <br />2022 real property tax year, unless the affected property's market value for the 2022 real <br />property tax year decreases from the 2021 assessed value for the affected property, in <br />which case the decreased market value shall be applied for the 2022 real property tax <br />year. <br />Kona , Hawai`i <br />Date of Introduction: April 7, 2021 <br />Date of 1st Reading: April 7, 2021 <br />Date of 2nd Reading: April 21, 2021 <br />Effective Date: July 1, 2021 <br />REFERENCE Comm. 152 <br />INTRODUCED BY: <br />COUNCIL MEMBER, COYTY OF HAWAII <br />2 <br />