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REPORT OF THE <br />COMMITTEE ON FINANCE <br />DATE: June 18, 2024 <br />PLACE: Council Chambers <br />Kailua-Kona, Hawaii <br />TIME: 3:46 pan. <br />Council Chair and Members <br />Hawaii County Council <br />Hilo, Hawaii 96720 <br />Re: Comm. No, 904Bill No. 173 <br />Your Committee on Finance, to which was referred Bill No. 173, reports as follows: <br />Bill No. 173, transmitted by Committee Member Cindy Evans, via Communication No. 904, dated <br />May 20, 2024, amends Chapter 19, Article 7, Section 19-53 of the Hawaii County Code 1983 <br />(2016 Edition, as Amended), Relating to Real Property Valuation; Considerations in Fixing. <br />This bill lowers the cap on annual increases to the assessed value for properties in the Homeowner and <br />Affordable Rental Housing tax classifications from three percent to two and a half percent. <br />Committee Member Cindy Evans provided background on the proposed bill. <br />Real Property Tax Assistant Administrator Keita Jo was present in the Kona Chambers to answer any <br />questions. <br />Multiple Committee Members commented with concerns on this matter. Committee Member <br />Jenn Kagiwada and Cornmittee Member Susan L. K. Lee Loy expressed concern that this really benefits <br />residents of homes with a higher assessed value. <br />Your Committee on Finance is not in accord with the purpose and intent of Bill No. 173, and forwards it <br />to Council with a negative recommendation. <br />ikh <br />AYES <br />NOES <br />ABS <br />EX <br />EVANS <br />X <br />GALIMBA <br />X <br />INABA <br />X <br />KAGIwA.DA <br />X <br />KANEALVI-KLEINFELDER <br />X <br />KIERKIEWICZ <br />X <br />KIMBALL <br />X <br />LEE LOY <br />X <br />VILLEGAS <br />X <br />Respectfully submitted, <br />7COMMITTEE N FINANCE <br />MATT KA LI`-KLEINFELDER, <br />CHAIR <br />FC REPORT NO.: 171 <br />ADOPTED: <br />