Laserfiche WebLink
COUNTY OF HAWAII :• .'= 0 •` STATE OF HAWAII <br /> Ott OFM F'� <br /> BILL NO. 173 <br /> ORDINANCE NO. <br /> AN ORDINANCE AMENDING CHAPTER 19, ARTICLE 7, SECTION 19-53 OF THE <br /> HAWAII COUNTY CODE 1983 (2016 EDITION,AS AMENDED), RELATING TO <br /> REAL PROPERTY VALUATION; CONSIDERATIONS IN FIXING. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. Chapter 19, article 7, section 19-53, of the Hawai`i County Code 1983 <br /> (2016 Edition, as amended), is amended by amending subsections (g) and (h)to read as follows: <br /> "(g) Limitation on homeowner assessment. <br /> For properties in the homeowner class as of January 1, 2004, the assessed <br /> value of the property shall not increase more than [twee] two and a half percent <br /> per tax year until the parcel is sold or any portion thereof sold by way of <br /> conveyance which is subject to conveyance tax under terms of chapter 247, <br /> Hawai`i Revised Statutes, at which time the property will be assessed at market <br /> value. In addition to the [three] two and a half percent limit of this subsection any <br /> improvements undertaken on the property within the tax year shall be assessed at <br /> market value. All parcels entering this class after January 1, 2004 shall have the <br /> assessed value as of January 1 of the following year and be subject to the above <br /> provisions. <br /> (h) Eligibility for affordable rental housing class. <br /> (1) Real property occupied as affordable rental housing must be rented at a rate <br /> not to exceed the affordable rental rate for the entire calendar year claimed <br /> and must be legally permitted by all codes. <br /> (2) All rental units on affordable rental housing properties must be rented at the <br /> affordable rental rates. <br /> (3) Affordable rental housing properties shall not be excluded by the owner's <br /> principal residence also being on the property. <br /> (4) For properties in the affordable rental housing class as of January 1, 2008, <br /> the assessed value of the property shall not increase more than [three] two <br /> and a half percent per tax year until the parcel is sold or any portion thereof <br /> sold by way of conveyance which is subject to conveyance tax under terms <br /> of chapter 247, Hawai`i Revised Statutes, at which time the property will be <br /> assessed at market value. In addition to the [twee] two and a half percent <br />