COM 0118.028 2002-2004 - Laserfiche WebLink

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CITY COUNCIL ORDINANCE I ~ CITY AND COUNTY OF HONOLULU _ HONOLULU, HAWAII BILL 49 (2004~CD_1, FD2_ DDC 9/21/04 A BILL FOR AN ORDINANCE (A) A bank or other lending institution acquires possession of a rp operty as a result of a default of a mortgage on the propel or (B) The agricultural use of a dedicated parcel is terminated because a lessee has abandoned or terminated a lease Drior to the end of th_e term of the lease the owner of the parcel has not found another lessee, and the lease has a term of five years or longer. (2) During the grace period the owner is not required to use the land for th__e business of raising and producing agricultural products. At the end of the grace period the owner shall use the land for the_ business of raising and producing agricultural products for the entire remaining period of the owner's dedication The grace period shall not be counted in determining the owner's compliance with the dedication. The grace period shall not exceed two years (5) During the grace period the land shall be assessed at 100% of market value. - (6) No grace period shall be granted for a parcel of land within five tears following the expiration of a previous grace period " SECTION 5. Section 8-10.27, Revised Ordinances of Honolulu 1990, as amended, is amended to read as follows: "Sec. 8-10.27 Exemption-Public Service. (a) Real Property which is owned, or leased and actually used by a public service company shall be exempt from real property taxes. (b) If the property for which exemption is claimed is leased by the public service company for a period of one year or more, the lease agreement shall be in force and recorded in the bureau of conveyances at the time the exemption is claimed. (c) The exemption provided in this section shall not apply to any portion of the property that is not used for the primary purpose of the public service company. (d) If any portion of the property is ineligible for the property tax exemption under this section: