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I <br /> i <br /> I <br /> i <br /> Apartment, hotel and resort, commercial, industrial, agricultural or native <br /> forests and conservation assessments. <br /> For properties in the apartment, hotel and resort, commercial, industrial, <br /> agricultural or native forests, and conservation classes as of January 1, 2022, <br /> the assessed value of the property shall not increase more than fifteen percent <br /> per tax year until the parcel is sold or any portion thereof sold by w4y 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 fifteen 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, 2022, shall <br /> have the assessed value as of January 1 of the following year and be subject to <br /> the above provisions. <br /> (h) Eligibility for affordable rental housing class. <br /> (1) Real property occupied as affordable rental housing must be rented at a <br /> rate not to exceed the affordable rental rate for the entire calendar year <br /> claimed and must be legally permitted by all codes. <br /> (2) All rental units on affordable rental housing properties must be rented at <br /> the affordable rental rates. <br /> (3) Affordable rental housing properties shall not be excluded by the <br /> owner's principal residence also being on the property. <br /> [(4) Fef pfopefties in the affefdable Fental housing class as of jamiary 1, 2008, <br /> the assessed valtie of the pfepefty shall not inefease mefe than three pefe <br /> Hawai'i Revised Statutes, at whieh time the pfepefty will be assessed at <br /> mafketvaltte. Ift addition to the three pefeent limit of this subseefieii, afly <br /> , <br /> 5 <br /> shall hffve the assessed vaitte as of jaffuafy 1 of the following yeaf and <br /> be subj eet to the above ]» <br /> SECTION 3. Material to be repealed is bracketed and stricken.New material is <br /> underscored. In printing this ordinance, the brackets, bracketed and stricken material, and <br /> underscoring need not be included. <br /> SECTION 4. 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 that can be given effect without the invalid provision or <br /> application, and to this end the provisions of this ordinance are severable. <br /> 2 <br />