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q CITY COUNCIL ORDINANCE <br /> <br /> ~ I ~ _ 44'I <br /> CITY AND COUNTY OF HONOLULU <br /> HONOLULU, HAWAII BILL 49 (20041 CD1 <br /> _ FD__ 2 <br /> DDC 9/21/04 <br /> A BILL FOR AN ORDINANCE <br /> RELATING TO REAL PROPERTY TAXATION. <br /> BE IT ORDAINED by the People of the City and County of Honolulu: <br /> SECTION 1. Purpose. The purpose of this ordinance is to amend certain <br /> provisions of the Revised Ordinances of Honolulu 1990, as amended, relating to real <br /> property taxation. <br /> SECTION 2. Section 8-7.1, Revised Ordinances of Honolulu 1990, as amended, <br /> ("Valuation-Considerations in fixing"), is amended to read as follows: <br /> "Sec. 8-7.1 Valuation-Considerations in fixing. <br /> (a) The director of budget and fiscal services shall cause the fair market value of all <br /> taxable real property to be determined and annually assessed by the market data <br /> and cost approaches to value using appropriate systematic methods suitable for <br /> mass valuation of [properties] real property for taxation purposes, so selected <br /> and applied to obtain, as far as possible, uniform and equalized assessments <br /> throughout the county. <br /> (b) So far as practicable, records shall be compiled and kept which shall show the <br /> methods established by or under the authority of the director, for the <br /> determination of values. <br /> (c) (1) Land shall be classified, upon consideration of its highest and best use, <br /> into the following general classes: <br /> (A) Improved residential; <br /> (B) Unimproved residential; <br /> (C) Apartment; <br /> (D) Hotel and resort; <br /> (E) Commercial; <br /> (F) Industrial; <br /> OCS00672.B04 1 <br /> <br />