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assessed value as of January 1 of the following year and be subiectto the above provisions. Those properties dedicated to non-speculative residential use as of Januarv 1, 2004 may terminate the dedication without imposition of retroactive taxes upon filing and approval of petition for such termination with the director of finance by September 1 of the yeaz following enactment of this section. Upon termination of the dedication these properties shall be assessed at the market value and subject to section 19-53(h)(1). Those properties dedicated to non-speculative residential use as of January 1, 2004 may continue the dedication and upon termination of the dedication period the parcel shall be assessed at the mazket value and the year following the termination be subiect to section 19-53(h)(11 unless the dedication is renewed as provided in section 19-58.1 SECTION 3. Material to be repealed is bracketed. New material is underscored. In printing this ordinance, the brackets, bracketed material and underscoring need not be included. SECTION 4. If any provision of this ordinance, or the application thereof to any person or circumstance, is held invalid, such invalidity shall not affect other provisions or applications of the ordinance which can be given effect without the invalid provision or application, and to this end, the provisions of this ordinance are declared to be severable. SECTION 5. This ordinance shall take effect upon its approval. INTRO D BY: . , COUNCIL MEMBER COUNTY OF AWAI`I Hilo, Hawaii Date of Introduction: Date of 1st Reading: Date of 2nd Reading: Effective Date: kFERENCE: Comm: 395.2 7