BIL 163 Draft 02 2024-2026 - Laserfiche WebLink

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(A) One or more descendants of a person who owned the property at any time prior to January 1, 1926; or (B) A privately held corporation,limited liability company, or other entity in which: (i) More than fifty percent of the ownership interest is owned by one or more descendants of a person who owned the property at any time prior to January 1, 1926; and (ii) Stock is not owned by, sold to, or offered for sale to the public; (3) The total amount of real property taxes assessed on the property for the ten tax years immediately preceding a petition for dedication as aina kupuna is more than$10,000,unless the property is assessed according to its agricultural use under section 19-57, in which case the total amount of real property taxes that would have been assessed absent the agricultural use assessment for the ten tax years immediately preceding a petition for dedication as `aina kupuna must be more than $10,000; (4) The owner of the property does not own any other property dedicated as `aina kupuna; and (5) At least one owner or trustee or member of the board of the directors on behalf of an owner, as the case may be,resides within the County. Section 19- . `Aina kupuna dedication; conditions,termination (a) With respect to a property dedicated as `aina kupuna,the,following are prohibited: (1) Conveyance of the property to any person other than another descendant of a person who owned the property at any time prior to January 1, 1926; (2) Use of the property for commercial purposes beyond thirty days after a warning notice has been issued to the owner by the(director or other later date as the director may specify in the notice; and (3) Any other action that results in the property being no longer eligible for the dedication. (b) Failure to comply with the prohibitions set forth in subsection(a) shall terminate the dedication retroactive to the date of the initial dedication or, if applicable,the date of the most recent renewal; in which case, all differences in the amount of taxes that were paid and those that would have otherwise been due from assessment, absent the dedication,will be due and payable with a ten percent penalty from the respective dates that these payments would have been due. (c) The additional taxes and penalties, due and owing as a result of a termination of the dedication will be a paramount lien upon the property as provided in this chapter. Section 19- . `Aina kupuna dedication; petition process. (a) No later than September 1 immediately preceding the first tax year in which the dedication is to be applied, any owner who desires to dedicate real property as `aina kupuna shall petition the director, in a form prescribed by the director,including: 11) A signed acknowledgement of and agreement to comply with all restrictions, conditions, and provisions applicable to the dedication; and (2) Sufficient information or documentation to establish eligibility for the dedication. 2