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i <br /> i <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 annuallX <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 appropriated <br /> each fiscal vear to County-sponsored programs designed to address <br /> housing and homelessness. This requirement shall not extend beyond j <br /> June 30, 2027, unless otherwise amended by ordinance." <br /> SECTION 2. New material is underscored. In printing this ordinance, the underscoring <br /> need not be included. <br /> SECTION 3. Severability. If any provision of this ordinance, or the application thereof <br /> to any person or circumstance, is held invalid,the invalidity does not affect other provisions or <br /> applications of the ordinance which can be given effect without the invalid provision or <br /> application, and to this end the provisions of this ordinance are severable. <br /> SECTION 4. This ordinance shall take effect on July 1, 2022. <br /> INTRODUCED BY: <br /> COUNCIL MEMBER, COUNT)46F HAWAII <br /> Hawaii <br /> Date of Introduction: <br /> Date of I st Reading: <br /> Date of 2nd Reading: <br /> Effective Date: <br /> REFERENCE Comm. 589.4 <br /> 2 <br />