Laserfiche WebLink
MfY Oe N <br /> <br /> Harry Kim William Takaba <br /> Mayor Director <br /> Nancy E. Crawford <br /> e+:~ Deputy Director <br /> Oi•M~+ <br /> County of Hawaii <br /> Finance Department <br /> 25 Aupuni Street, Room 118 • Hilo, Hawaii 96720 <br /> (808) 961-8234 Fax (808) 961-8248 <br /> October 23, 2003 <br /> Honorable James Arakaki, Chairperson and IRECxtvt'i <br /> Members of the County Council 11 y 2.} PiY g <br /> Hawaii County Council Dar. d X3.0 3Y~ <br /> 25 Aupuni Street SAUnry Goundl <br /> Hilo, HI 96720 <br /> Dear Chairman Arakaki: <br /> Enclosed is a Bill for an Ordinance amending Chapter 19, article 7, section 19-58.1 of the <br /> Hawaii County Code, relating to certain lands dedicated to nonspeculative residential use. <br /> Any owner of property who qualifies for a home exemption and uses the property exclusively for <br /> residential use may dedicate said property to nonspeculative residential use. The dedicated <br /> parcel is then assessed, for real property tax valuation purposes, on its market value. This value <br /> is frozen for the ten-year dedication period. Unfortunately, many homeowners choose not to <br /> participate in this program due to the uncertainties of a long dedication period, and the cost of <br /> breaching a dedication. <br /> The purpose of this measure is to reduce the current dedication period from ten years to five <br /> years and reduce corresponding rollback provisions by five years. We believe that these changes <br /> will encourage more residents, particularly older persons living in areas with rapidly increasing <br /> property values, to participate in the nonspeculative residential use dedication program and still <br /> enable the county to carry out its purposes. <br /> Should you have any questions, please contact me. Thank you very much. <br /> incerely yo rs, <br /> i <br /> William Ta aba <br /> Director <br /> APPROVED: <br /> arry Kim Comm. No. <br /> Mayor Ref. To: <br /> r '•p•.. <br /> Enclosure <br /> <br />