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(2) <br /> The deferred tax shall commence from the date the conversion was made retroactive <br /> to the date the agricultural use assessment was approved, but for not more than a <br /> period of two years plus the current year. <br /> (3) The amount of deferred taxes shall be based on the difference between the assessed <br /> market value at highest and best use and the assessed agricultural use value of the <br /> land at the tax rate applicable for the respective years, with a ten percent penalty." <br /> SECTION 4. New material is underscored. In printing this ordinance, the underscoring <br /> need not be included. <br /> SECTION 5. Severability. If any provision of this ordinance, or the application thereof to <br /> any taxpayer 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 6. This ordinance shall take effect August 31, 2023. <br /> INTRODUCED BY: <br /> UNCIL MEM ER, COUNTY OF HAWAII <br /> COUNC _ EMBER, COUNTY OF HAWAII <br /> Hilo , Hawai`i <br /> Date of Introduction: July 26, 2023 <br /> Date of 1st Reading: July 26, 2023 <br /> Date of 2nd Reading: August 2, 2023 <br /> Effective Date: August 31, 2023 <br /> REFERENCE Comm. 370 <br /> 3 <br />