RES 158 Draft 01 2020-2022 - Laserfiche WebLink

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Administrator shall direct that a Short Form Appraisal be prepared to determine the appraised value. "Maximum Special Tax" means the greatest amount of Special Tax that can be levied on a TMK Parcel in any Fiscal Year determined in accordance with Section C below. "Maximum Special Tax Revenues" means, at any point in time, the aggregate revenue that can be generated if the Maximum Special Tax is levied on all TMK Parcels of Taxable Property in Tax Zone 1. "Non -Residential Property" means, for each Fiscal Year, all TMK Parcels of Developed Property for which a Building Permit was issued by the County after January 1, 2020, and before March I of the prior Fiscal Year, permitting the construction of one or more non-residential structures or facilities. "Other Residential Property" means all TMK Parcels of Developed Property for which a Building Permit was issued by the County for purposes of constructing Units, excluding Single Family Attached Property and Single Family Detached Property. "Ordinance of Formation" means the ordinance adopted by the County Council to form CFD No. 1-2021. "Property Owner Association Property" means any property within the boundaries of CFD No. 1-2021 that was owned by a property owner association, including any master or sub -association, as of March I of the prior Fiscal Year. "Proportionately" means (i) for Developed Property in the first step of Section D.1 below, that the ratio of the actual Special Tax levy to the Maximum Special Tax is equal for all TMK Parcels of Developed Property; (ii) for Developed Property in the fourth step of Section D.1 below, that the amount of the increase above the Assigned Special Tax, if necessary, is equal for all TMK Parcels of Developed Property, except that if the Backup Special Tax limits the increase on any TMK Parcel(s), then the amount of the increase shall be equal for the remaining TMK Parcels; (iii) for Final Mapped Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is equal for all TMK Parcels of Final Mapped Property, separately for Tax Zone I and Tax Zone 2; (iv) for Undeveloped Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is equal for all TMK Parcels of Undeveloped Property, separately for Tax Zone I and Tax Zone 2; and (v) for Taxable Property Owner Association Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is equal for all TMK Parcels of Taxable Property Owner Association Property, separately for Tax Zone I and Tax Zone 2. "Public Property" means any property within the boundaries of CFD No. 1-2021 that (1) is owned by or irrevocably offered for dedication to the federal government, the State of Hawaii, the County, or other public agency, provided however that any property leased by a public agency to a private entity and subject to taxation under Section 32-54 of the Hawai'i County CFD No. 1-2021 4 June 23, 2021