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fir or <br /> <br /> Harry Kim ~'•c~ ~ ~'•.4 William Takaba <br /> Mayor Director <br /> Nancy E. Crawford <br /> Depury Director <br /> h or Mrs <br /> County of Hawaii <br /> ..1. <br /> 1 <br /> Finance Department r^ <br /> 25 Aup°oi Sheet, Room I IS • Hilo, Hawaii 96720 - r_~ <br /> {808) 961-8234 • Fax (808) 961-8248 - <br /> t-= <br /> September 9, 2004 <br /> J <br /> Honorable James Arakaki, Chairperson rV <br /> Hawaii County Council <br /> 25 Aupuni Street - <br /> Hilo, HI 96720 <br /> Dear Chairman Arakaki: <br /> Subject: Bill No. 174, Draft 2 (RPT-Exemptions) <br /> Bill No. 175, Draft 3 (RPT -Valuation) <br /> Thank you very much for your memorandum of September 2, 2004. The following are the <br /> estimated effects of the tax code amendments that you requested: <br /> Bill No. 174, Draft 2 FY 2004-OS -None <br /> FY 2005-06 -The additional exemption will reduce projected real <br /> property tax revenues by approximately $3.86 <br /> million. Our original projection is revised to <br /> account for increased values and an overestimation <br /> of the values of properties paying the minimum tax. <br /> Bill No. 175, Draft 3 FY 2004-OS -None <br /> FY 2005-06 The 3% growth cap for properties in the <br /> homeowners class will reduce projected real <br /> property tax revenues by approximately $2.5 <br /> million. <br /> The administration believes it can operate within the parameters of these amendments as we <br /> anticipate continuing growth in property valuations over the next few years. Because of this <br /> growth, overall real property tax collections will continue to increase. Thus, the adoption of the <br /> Bill 174, draft 2, and Bill 175, draft 3, should not warrant an increase in real property tax rates <br /> for FY 2006 and FY 2007. <br /> Sincerely yours, <br /> William T kaba <br /> Director Gpmm, No, ~S <br /> Re}. Toe Prtsen • C, <br /> cc: Harry Kim, Mayor Rif, Uat©^ ~ ~ A <br /> <br />