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(D) PASTURE AND SLOW ROTATION FORESTRY, which <br /> includes pasture and longer rated forestry. <br /> Lands classified as tree farm property pursuant to chapter 186, <br /> Hawaii Revised Statutes, shall be considered for classification and <br /> valuation as agricultural. <br /> (4) The portion of land that is not dedicated for commercial agriculture <br /> use shall be assessed at market value, except that the homesite <br /> portion shall be assessed at market value of comparable homesite. <br /> <br /> (d) Commercial Agricultural Use Dedication Petition. <br /> (1) If any owner desires to dedicate his or her land for a commercial <br /> agricultural use and to have his or her land taxed as its assessed <br /> value in this use, the owner shall so petition the director of finance <br /> and declare in the petition that his or her land can best be used for <br /> the purpose for which he or she requests permission and that if the <br /> petition is approved the land will be used for this purpose. The <br /> director may require evidence of commercial agricultural use in <br /> such form and at such times as provided for in the administrative <br /> rules and regulations of the department. <br /> (2) The director shall prescribe the form of the petition. <br /> (3) The petition shall be filed with the director of finance by September 1 <br /> of any calendar year and shall be approved or disapproved by <br /> December 15. If approved, dedication shall be effective on July 1 <br /> of the following tax year. <br /> (4) The petition for commercial agricultural use dedication must be <br /> signed by all owners of the land being dedicated; and <br /> (5) A lessee of the land with a term of ten or more years remaining <br /> from the date of the petition and who is responsible for payment of <br /> the real property tax shall also be deemed an owner of the land <br /> within these provisions. <br /> (6) Action by director on petition. <br /> (A) Upon receipt of a petition as provided above, the director <br /> shall make a finding of fact as to whether the land in the <br /> petition area is reasonably well suited for the intended use. <br /> The finding shall include and be based upon the productivity <br /> ratings of the land in those uses for which it is best suited, a <br /> study of the ownership, size of operating unit, the present <br /> 17 <br /> <br />