BIL 175 Draft 04 2002-2004 - Laserfiche WebLink

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(g) In determining the value of buildings, consideration shall be given to any additions, alterations, remodeling, modifications or other new construction, improvement or repair work undertaken upon or made to existing buildings as the same may result in higher assessable valuation of said buildings; provided, however, that they increase in value resulting from any additions, alterations, modifications or other new construction, improvements or repair work to buildings undertaken or made by the owner-occupant thereof pursuant to the requirements of any urban redevelopment, rehabilitation or conservation project under the provisions of part II of chapter 53, Hawaii Revised Statutes, shall not increase the assessable valuation of any building for a period of seven years from the date of certification as hereinafter provided. It is further provided that the owner-occupant shall file with the director of finance, in the manner and place which the director may designate, a statement of the details of the improvements certified in the following manner: (1) In the case of additions, alterations, modifications or other new construction, improvements or repair work to a building that are undertaken pursuant to any urban redevelopment, rehabilitation or conservation project as hereinabove mentioned, the statement shall be certified by the mayor or any government official designated by the mayor and approved by the council, that the additions, alterations, modifications, or other new construction, improvement or repair work to the buildings were made and satisfactorily comply with the particular urban redevelopment, rehabilitation or conservation act provision, or (2) In the case of maintenance or repairs to a residential building undertaken pursuant to any health, safety, sanitation or other governmental code provision, the statement shall be certified by the mayor or any governmental official designated by the mayor and approved by the council, that: (A) The building was inspected by them and found to be substandard when the owner-occupant made the claim, and (B) The maintenance or repairs to the buildings were made and satisfactorily comply with the particular code provision. Limitation on homeowner assessment. For proyerties in the homeowner class as of January 1, 2004 and not dedicated to non-speculative residential use, the assessed value of the property shall not increase more than three percent (3%) ner tax yeaz tax until the pazcel is sold or any Uortion thereof sold by way of conveyance which is subject to conveyance tax under terms of chapter 247, Hawaii Revised Statutes, at which time the property will be assessed at market value. In addition to the 3% limit of this subsection any improvements undertaken on the nronertv within the tax yeaz shall be assessed at market value. All parcels entering this class after January 1, 2004 shall have the 6