COM 0589.003 2020-2022 - Laserfiche WebLink

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AN ORDINANCE AMENDING CHAPTER 19, ARTICLE 11, SECTION 19-90, OFT E 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 Hawaii 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. (3) The respective tax rate to be applied to any property within the residential class shall be applied only to the portion used exclusively as residential,provided the highest and best use of the land is residential. (4) No less than seventy-five percent of the revenue collected annually from the tax on residential tier two property that is applied to the net taxable real property value of$2,000,000 or more shall be appropriated each fiscal year to County-sponsored programs designed to address housing and homelessness. This requirement shall not extend beyond June 30, 2027, unless otherwise amended by ordinance."