BIL 111 Draft 01 2020-2022 - Laserfiche WebLink

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.",,t1: F h4 ' ` : COUNTY OF HAWAII „Alt.:.��-,�,t�, STATE OF HAWAII BILL NO. 111 ORDINANCE NO. AN ORDINANCE AMENDING CHAPTER 19,ARTICLE 11, SECTION 19-90, OF THE HAWAII COUNTY CODE 1983 (2016 EDITION, AS AMENDED), RELATING TO REAL PROPERTY TAXES. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Chapter 19, article 11, section 19-90, of the Hawai`i County Code 1983 (2016 Edition, as amended), is amended by amending subsection(f)to read as follows: "(f) Residential tax rate tiers. (1) Notwithstanding any provision to the contrary, the council shall establish a separate tax rate each for the residential tier one property and residential tier two property, as defined below. The tax rates shall be applied as follows: (A) The tax rate established for the residential tier one property shall be applied to the net taxable real property value under $2,000,000. (B) The tax rate established for the residential tier two property shall be applied to the net taxable real property value of$2,000,000 or more. (2) For the purposes of this section, "residential tier one property" shall mean all property, or portions thereof, other than a residential tier two property,within the residential class. "Residential tier two property" shall mean a property, or portion thereof, which: (A) Is improved with one or more dwelling units,has a net taxable real property value of$2,000,000 or more, does not have a home exemption, and is classified as residential in consideration of the highest and best use of the land; (B) Is vacant land that has a net taxable real property value of $2,000,000 or more, and is classified as residential in consideration of the highest and best use of the land; or (C) Is a condominium property regime that has a net taxable real property value of$2,000,000 or more, does not have a home exemption, and is classified as residential in consideration of the highest and best use of the land.