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(iii) Real property which is used for commercial or income-producing <br /> purposes. <br /> (iv) Real property which is used for residential rental purposes, <br /> whether for short-term or long-term lease. <br /> (v) Real property which is used for any purpose other than the owner's <br /> principal residence. <br /> (3) Whenever there is an overlap or contradiction in districting or use classification <br /> between the County and the State, zoned districts by the County shall take <br /> precedence. <br /> (4) "Improved residential" shall mean land which is classified as residential by the <br /> department of finance upon consideration of its highest and best use, and is <br /> property which fulfills the provisions of at least one of the following <br /> subparagraphs: <br /> (A) Land which has been subdivided prior to any assessment year as a ]ot for <br /> single- or two-family residential use in conformity with the then existing <br /> County zoning ordinances, and has been approved for sale or approved as <br /> being in conformity with all of the subdivision requirements of the <br /> County, or <br /> (B) Land which is in actual single- or two-family residence use at a density of <br /> at least asingle- or atwo-family residential building per acre, or <br /> (C) Land which is sufficiently developed with necessary land improvements to <br /> support a use density of at least asingle- or two-family residential building <br /> per acre. <br /> (5) "Unimproved residential" shall mean all residential class lands not classified as <br /> "improved residential" or "homeowner." <br /> <br /> (f) (1) In determining the value of lands which are classified and used for agriculture, <br /> whether such lands are dedicated pursuant to section 19-55 or not, consideration <br /> shall be given to rent, productivity, nature of actual agricultural use, the advantage <br /> or disadvantage of factors such as location, accessibility, transportation facilities, <br /> size, shape, topography, quality of soil, water privileges, availability of water and <br /> its cost, easements and appurtenances, and to the opinions of persons who maybe <br /> considered to have special knowledge of land values. Lands classified as tree <br /> farm property pursuant to chapter 186, Hawaii Revised Statutes, shall be <br /> considered for classification and valuation as agricultural. <br /> (2) A deferred or rollback tax shall be imposed on the owner of agricultural lands <br /> assessed according to its agricultural use as provided in subsection (f) of this <br /> section in the event of a change in land use classification by the authorized <br /> <br />