COM 0118.028 2002-2004 - Laserfiche WebLink

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12. Establishes a rollback tax and penalty under certain conditions, and that the rollback tax shall be the difference between the taxes owed at 100 percent of the land assessed at fair market value and the taxes actually imposed on the ]and, and a 10 percent penalty for each year of the rollback. The FD2 sets forth the formula for calculating the rollback taxes for 5 and 10 year dedications. 13. Provides that if certain specified events beyond the control of the owner occur, no rollback tax or penalty will be imposed. 14. Established a grace period not exceeding 2 years for lands dedication for specific agricultural use under certain circumstances. 15. Amends section 8-10.27 relating to the ordinance reference to the exemption for public service to reflect the revised reference due to the addition of the definition of vacant agricultural lands. 16. Adds a new section that exempts certain qualifying agricultural improvements for 7 years from taxation. 17. Adds an uncodified section [o provide that dedications of agricultural land which occurred before the effective date of Ordinance 02-39 (Bill 10) shall be subject to the ordinance provisions for agricultural dedication as it existed when the petition was filed, including the rollback tax and penalty. l 8. Adds an uncodified section which permits the filing of a petition under Bill 49, CD 1, FD2 by November 1, 2004, and approved or disapproved by December 15, 2004, and permits the director, for tax year 2005-2006 only, to establish the average agricultural production value per acre using data from the State Department of Agriculture "Statistics of Hawaii Agriculture 2002". 19. Specifies that the ordinance shall apply to tax years beginning July 1, 2005 and thereafter. 2