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(4) If the application is approved, the assessment based upon the use <br /> requested in the application shall be effective as of January 1 for <br /> the following tax year. <br /> (5) Renewal of the aoDlication shall be in such form and at such time <br /> as required by the director. <br /> (d) Deferred or roll back tax. <br /> (1) A deferred or roll back tax shall be imposed on the owner of the <br /> agricultural land upon any of the following events: <br /> (A) Conversion to any County zoned district other than <br /> agricultural, residential and agricultural. family <br /> agricultural. intensive agricultural. or agricultural Droiect <br /> district as a result of a petition by the owner or lessee: <br /> (B~ The Drooerty is subdivided into Darcels of less than five <br /> acres in size: or <br /> (C) A condominium property regime is declared for the property <br /> having condominium units with an area equivalent to less <br /> than five acres in size. <br /> (21 The deferred tax shall commence from the date the <br /> conversion was made retroactive to the date the <br /> agricultural use assessment was aaoroved. but for not <br /> more than a period of two years plus the current year. <br /> (3) The amount of deferred taxes shall be based on the <br /> difference in assessed value between the highest and <br /> best use and the agricultural use of the land. at the tax <br /> rate applicable for the respective years. with a ten <br /> percent aenaltk <br /> SECTION 5. Chapter 19, article 8 of the Hawaii County Code 1983 (1995 <br /> <br /> edition), relating to Reserved is amended to read as follows: <br /> Article 8. [Reserved) Dedications. <br /> <br /> Section 19- .Commercial Agricultural Use Dedication. <br /> <br /> (al A special land reserve is established to enable the owner of any parcel of <br /> land to dedicate his or her land for a specific commercial agricultural use <br /> dedication. and to have his or her land assessed its value in such use for <br /> a period of ten years. provided: <br /> 15 <br /> <br />