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Of It <br /> Susan L.K. Lee Loy Office: (808)961-8396 <br /> Council Member Fax: (808)965-8912 <br /> District 3 *� Email: sue.leeloy@hawaiicounty.gov <br /> tF•':Ma MOM i•'\\ <br /> +r�vF•N�� <br /> HAWAVI COUNTY CIL <br /> 25 Aupuni Street,Hilo,Hawaii 96720 <br /> tn� <br /> DATE: October 3, 2022 <br /> TO: Maile David, Council Chair; and <br /> Members of the Hawaii County unc- <br /> Vol <br /> FROM: Susan L.K. Lee Loy, Coun <br /> SUBJECT: Proposed Amendment to Bill No. inance Amending Chapter 19, <br /> Article 7, Section 19-53, of the Hawaii County Code 1983 (2016 Edition, as <br /> Amended), Relating to Real Property Tax Valuation; Considerations in Fixing. <br /> Please see below a proposed amendment to Bill No. 156. The proposed amendment is illustrated <br /> in Ramseyer format with respect to the contents of Bill No. 156; material to be added is <br /> underscored. <br /> SECTION 2 of Bill No. 156 is amended by amending paragraph(3) of subsection(g)to read as <br /> follows: <br /> "(3) Apartment, hotel and resort, commercial, industrial, agricultural or native forests, <br /> and conservation assessments. <br /> For properties in the apartment, hotel and resort, commercial, industrial, agricultural <br /> or native forests, and conservation classes as of January 1, 2022, the assessed value <br /> of the property shall not increase or decrease more than fifteen percent per tax year <br /> until the parcel is sold or any portion thereof sold by way of conveyance which is <br /> subject to conveyance tax under terms of chapter 247, Hawaii Revised Statutes, at <br /> which time the property will be assessed at market value. In addition to the fifteen <br /> percent limit of this subsection, any improvements undertaken on the property within <br /> the tax year shall be assessed at market value. All parcels entering this class after <br /> January 1, 2022, shall have the assessed value as of January 1 of the following year <br /> and be subject to the above provisions." <br /> Due to the limited scope of this amendment, a draft copy of this bill, that would result if this <br /> proposed amendment is adopted, is not attached. <br /> SLao <br /> Comm. No. <br /> Ref. To: F rk). <br /> Ref. Dote. OCT 1 8 2o22 <br /> Ilawai`i County Is an Equal Opportunity Provider And Employer <br />