ORD 2025-047 2024-2026 - Laserfiche WebLink

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aff-er-dable rental rates. (3)] Q Affordable rental housing properties shall not be excluded by the owner's principal residence also being on the property. [(4)] (D For properties in the affordable rental housing class as of January 1, 2008, the assessed value of the property shall not increase more than three percent per tax year until the parcel is sold or any portion thereof sold by way of conveyance which is subject to conveyance tax under terms of chapter 247, Hawaii Revised Statutes, at which time the property will be assessed at market value. In addition to the three percent limit of this subsection, any improvements undertaken on the property within the tax year shall be assessed at market value. All parcels entering this class after January 1, 2008, shall have the assessed value as of January 1 of the following year and be subject to the above provisions." SECTION 4. Material to be repealed is bracketed and stricken. New material is underscored. In printing this ordinance, the brackets, bracketed and stricken material, and underscoring need not be included. SECTION 5. Severability. If any provision of this ordinance, or the application thereof to any person or circumstance, is held invalid, the invalidity does not affect other provisions or applications of the ordinance that can be given effect without the invalid provision or application, and to this end the provisions of this ordinance are severable. SECTION 6. This ordinance shall take effect on January 1, 2026. Hilo , Hawai`i Date of Introduction: May 7, 2025 Date of 1 st Reading: May 7, 2025 Date of 2nd Reading: June 4, 2025 Effective Date: January 1, 2026 REFERENCE Comm. 206.2 INTRODUCED BY: COUNCIL MEMBER, COUNTY OF HAWAI`I 2