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Honorable James Arakaki, Chairperson <br /> Page Two <br /> September 10, 2004 <br /> tax yeaz tax until the parcel is sold or any portion thereof sold by <br /> way of conveyance which is subject to conveyance tax under terms <br /> of chapter 247, Hawaii Revised Statutes, at which time the <br /> property will be assessed at mazket value. In addition to the 3% <br /> limit of this subsection any improvements undertaken on the <br /> property within the tax year shall be assessed at market value. All <br /> parcels entering this class after January 1, 2004 shall have the <br /> assessed value as of January 1 of the following year and be subject <br /> to the above provisions. <br /> Those properties dedicated to non-speculative residential use as of <br /> January 1 2004 may terminate the dedication without imposition <br /> of retroactive taxes upon filing and approval of petition for such <br /> termination with the director of finance by September 1 of the <br /> following enactment of this section. Upon termination of the <br /> dedication these properties shall be assessed at the market value <br /> and subject to section 19-53(h)(1). <br /> (3) Those properties dedicated to non-speculative residential use as of <br /> January 1 2004 may continue the dedication and upon termination <br /> of the dedication period the pazcel shall be assessed at the market <br /> value and the yeaz following the termination be subject to section <br /> 19-53(h)(1) unless the dedication is renewed as provided in section <br /> 19-58.1 <br /> Should you have any questions, please contact me. Thank you very much. <br /> Sincerely yours, <br /> K/~Z~~~~ <br /> William Takaba <br /> Director <br /> APPROVED: <br /> Harry Kim <br /> <br /> ~ Mayor <br /> Enclosure <br /> ~ d; l l t15, >D~• y ~ <br /> <br />