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g(JNty oc kth. <br /> G *;• ;� STATE OF G <br /> '':;.rte—.•"�''. <br /> +r,T6 OF•Mj,J�* <br /> 'i <br /> BILL NO. 156 <br /> ORDINANCE NO. <br /> AN ORDINANCE AMENDING CHAPTER 19,ARTICLE 7, SECTION 19-53, OF THE <br /> HAWAII COUNTY CODE 1983 (2016 EDITION,AS AMENDED),RELATING TO <br /> REAL PROPERTY TAX VALUATION; CONSIDERATIONS IN FIXING. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. Purpose. The purpose of this ordinance is to expand the limitations on <br /> property assessments to all tax classes, excluding residential. This will allow property owners to <br /> plan and adjust accordingly in the event the real estate market spikes. <br /> SECTION 2. Chapter 19, article 7, section 19-53, of the Hawaii County Code 1983 <br /> (2016 Edition, as amended), is amended by amending subsections (g) and(h)to read as follows: <br /> "(g) Limitation on [home,,,,nen assessment.] property assessments. <br /> Homeowner assessment. <br /> For properties in the homeowner class as of January 1, 2004, the assessed <br /> value of the property shall not increase more than three percent per tax year <br /> until the parcel is sold or any portion thereof sold by way of conveyance <br /> which is subject to conveyance tax under terms of chapter 247, Hawaii <br /> Revised Statutes, at which time the property will be assessed at market value. <br /> In addition to the three percent limit of this subsection,any improvements <br /> undertaken on the property within the tax year shall be assessed at market <br /> value. All parcels entering this class after January 1, 2004,shall have the <br /> assessed value as of January 1 of the following year and be subject to the <br /> above provisions. <br /> Affordable rental housing assessment. <br /> For properties in the affordable rental housing; class as of January 1, 2008, the <br /> assessed value of the property shall not increase more than three percent per <br /> tax year until the parcel is sold or any portion thereof sold by way of <br /> conveyance which is subject to conveyance tax under terms of chapter 247, <br /> Hawaii Revised Statutes, at which time the property will be assessed at <br /> market value. In addition to the three percent limit of this subsection, any <br /> improvements undertaken on the property within the tax year shall be assessed <br /> at market value. All parcels entering this class after January 1, 2008, shall <br /> have the assessed value as of January I of the following year and be subject to <br /> the above provisions. <br />