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COUNTY OF HAWAI`I f-:::A=.'''°�1* STATE OF HAWAI`I 4-n-r .f'44 OF'Np'''- BILL NO. 120 (DRAFT 2) ORDINANCE NO. AN ORDINANCE AMENDING CHAPTER 19 OF THE HAWAII COUNTY CODE 1983 (2016 EDITION, AS AMENDED) BY ADDING A NEW ARTICLE RELATING TO A REAL PROPERTY TAX STABILIZATION PROGRAM. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Chapter 19 of the Hawai`i County Code 1983 (2016 Edition, as amended) is amended by adding a new article to read as follows: "Article 14. Stabilization Program. Section 19-106. Definitions. As used in this article: "Stabilized tax" means real property tax that is equal to the tax levied in the tax year in which a qualifying homeowner enrolled in the stabilization program. "Unstabilized tax"means real property tax that would otherwise be levied for a given tax year on property in the homeowner class, absent stabilization. Section 19-107. Stabilization program established. (a) There is established a real property tax stabilization program which shall be administered by the department of finance. (b) Stabilization of real property taxes shall not take precedence over any provision of property tax exemption, relief, or penalty otherwise applicable to qualifying taxpayers. (c) The director shall adopt rules and regulations necessary to administer this article, subject to chapter 91, Hawai`i Revised Statutes. Section 19-108. Enrollment. (a) Any taxpayer who is eighty-five years of age or older and who owns property as a principal residence in the homeowner class is qualified to enroll in the stabilization program as provided by this article, except when such property has a net taxable real property value of$2,000,000 or more. (b) Enrollment in the stabilization program shall be allowed from the next tax year, provided that the taxpayer shall have filed a claim for enrollment with the department of finance on or before December 31 of the year immediately preceding the tax year for which enrollment is claimed. (c) A claim for enrollment shall be made on a form as prescribed by the director.