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(A) Is improved with one or more dwelling units, has a net taxable <br /> real property value of$2,000,000 or more, does not have a home <br /> exemption, and is classified as residential in consideration of the <br /> highest and best use of the land; <br /> (B) Is vacant land that has a net taxable real property value of <br /> $2,000,000 or more, and is classified as residential in <br /> consideration of the highest and best use of the land; or <br /> (C) Is a condominium property regime that has a net taxable real <br /> property value of$2,000,000 or more, does not have a home <br /> exemption, and is classified as residential in consideration of the <br /> highest and best use of the land. <br /> (3) The respective tax rate to be applied to any property within the <br /> residential class shall be applied only to the portion used exclusively <br /> as residential, provided the highest and best use of the land is <br /> residential. <br /> (4) No less than seventy-five percent of the revenue collected annually <br /> from the tax on residential tier two property that is applied to the net <br /> taxable real property value of$2,000,000 or more shall be <br /> appropriated each fiscal year to County-sponsored programs designed <br /> to address housing and homelessness. This requirement shall not <br /> extend beyond June 30, 2027, unless otherwise amended by <br /> ordinance." <br /> A copy of Draft 3 of this bill, that would result if this proposed amendment were adopted, is <br /> attached with the amendment incorporated therein. <br /> Mahalo. <br /> AK/j s <br /> Att. <br /> 2 <br />