BIL 049 Draft 02 2002-2004 - Laserfiche WebLink

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If the application is approved, the assessment based upon the use requested in the application shall be effective as of January 1 for the following tax vear. (5) Renewal of the application shall be in such form and at such time as required by the director. (d) Deferred or roll back tax. (1) A deferred or roll back tax shall be imposed on the owner of the agricultural land upon anv of the following events: (A) Conversion to anv County zoned district other than agricultural, residential and agricultural, family agricultural, intensive agricultural, or agricultural project district as a result of a petition by the owner or lessee: (B) The property is subdivided into parcels of less than five acres in size; or (C) A condominium property regime is declared for the property having condominium units with an area equivalent to less than five acres in size. (2) The deferred tax shall commence from the date the conversion was made retroactive to the date the agricultural use assessment was approved, but for not more than a period of two years plus the current vear. (3) The amount of deferred taxes shall be based on the difference in assessed value between the highest and best use and the agricultural use of the land, at the tax rate applicable for the respective years, with a ten percent penalty. SECTION 5. Chapter 19, article 8 of the Hawaii County Code 1983 (1995 edition), relating to Reserved is amended to read as follows: Article 8. [Reserved] Dedications. Section 19- .Commercial Agricultural Use Dedication. (a) A special land reserve is established to enable the owner of any parcel of land to dedicate his or her land for a specific commercial agricultural use dedication. and to have his or her land assessed its value in such use for a period of ten years. provided: 15