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aff friable feriafeRial fates. <br />(3)] Q Affordable rental housing properties shall not be excluded by the owner's <br />principal residence also being on the property. <br />[(4)] Q) 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 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 />Hawaii Revised Statutes, at which time the property will be assessed at <br />market value. In addition to the three percent limit of this subsection, any <br />improvements undertaken on the property within the tax year shall be assessed <br />at market value. All parcels entering this class after January 1, 2008, shall <br />have the assessed value as of January 1 of the following year and be subject to <br />the above provisions." <br />SECTION 4. Material to be repealed is bracketed and stricken. New material is <br />underscored. In printing this ordinance, the brackets, bracketed and stricken material, and <br />underscoring need not be included. <br />SECTION 5. Severability. If any provision of this ordinance, or the application thereof <br />to any person or circumstance, is held invalid, the invalidity does not affect other provisions or <br />applications of the ordinance that 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 on January 1, 2026. <br />Hawaii <br />Date of Introduction: <br />Date of 1 st Reading: <br />Date of 2nd Reading: <br />Effective Date: <br />REFERENCE Comm. 206.2 <br />&1W4 G <br />COUNCIL MEMBER, COUNTY OF HAWAI`I <br />2 <br />