REP FC 140 2024/02/06 2022-2024 - Laserfiche WebLink

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REPORT OF THE COMMITTEE ON FINANCE DATE: February 6, 2024 Re: Comm. No. 674/Bill No. 120 PLACE: Council Chambers Hilo, Hawaii TIME: 2:01 p.m. Council Chair and Members Hawaii County Council Hilo, Hawaii 96720 Your Committee on Finance, to which was referred Bill No. 120, reports as follows: Bill No. 120, transmitted by Committee Member Cindy Evans via Communication No. 674 dated January 3, 2024, amends 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. This bill establishes a fixed-rate property tax stabilization program for property owners who are at least 85 years old that utilize the property as their principal residence. On January 23, 2024, following discussions among several Committee Members, Committee Member Cindy Evans moved to postpone Bill No. 120 to the February 6, 2024 meeting of the Finance Committee in Hilo. The vote was taken on the postponement and passed. On February 6, 2024, a discussion on Bill No. 120 was held. Committee Member Cindy Evans provided some background and moved to amend Bill No. 120 with the contents of Communication No. 674.2. Communication 674.2 would amend Section 19-108, Subsection (a). Assistant Real Property Tax Administrator Keita Jo commented on the amendment and was available to answer any questions. Multiple Committee Members spoke in support of the amendment. The vote was taken on the motion to amend Bill No. 120 with the contents of Communication No. 674.2 and passed with seven "ayes." The Committee began discussion on Bill No. 120, as amended. Ms. Evans spoke to the amended bill and asked for her colleagues' support. Multiple Committee Members spoke in opposition of this bill. Committee Members were concerned about the long-term financial impact of the bill and asked if the department could provide more clarity on how this would affect the County. FC Report No. 140