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<br /> (g) In determining the value of buildings, consideration shall be given to any additions, <br /> alterations, remodeling, modifications or other new construction, improvement or repair <br /> work undertaken upon or made to existing buildings as the same may result in higher <br /> assessable valuation of said buildings; provided, however, that they increase in value <br /> resulting from any additions, alterations, modifications or other new construction, <br /> improvements or repair work to buildings undertaken or made by the owner-occupant <br /> thereof pursuant to the requirements of any urban redevelopment, rehabilitation or <br /> conservation project under the provisions of part II of chapter 53, Hawaii Revised <br /> Statutes, shall not increase the assessable valuation of any building for a period of seven <br /> years from the date of certification as hereinafter provided. <br /> It is further provided that the owner-occupant shall file with the director of <br /> finance, in the manner and place which the director may designate, a statement of the <br /> details of the improvements certified in the following manner: <br /> (l) In the case of additions, alterations, modifications or other new construction, <br /> improvements or repair work to a building that are undertaken pursuant to any <br /> urban redevelopment, rehabilitation or conservation project as hereinabove <br /> mentioned, the statement shall be certified by the mayor or any government <br /> official designated by the mayor and approved by the council, that the additions, <br /> alterations, modifications, or other new construction, improvement or repair work <br /> to the buildings were made and satisfactorily comply with the particulaz urban <br /> redevelopment, rehabilitation or conservation act provision, or <br /> (2) In the case of maintenance or repairs to a residential building undertaken pursuant <br /> to any health, safety, sanitation or other governmental code provision, the <br /> statement shall be certified by the mayor or any governmental official designated <br /> by the mayor and approved by the council, that: <br /> (A) The building was inspected by them and found to be substandard when the <br /> owner-occupant made the claim, and <br /> (B) The maintenance or repairs to the buildings were made and satisfactorily <br /> comply with the particular code provision. <br /> Limitation on homeowner assessment. <br /> For properties in the homeowner class as of Januazv 1, 2004 and not dedicated to <br /> non-speculative residential use the assessed value of the propertv shall not <br /> increase more than three percent (3%) per tax year tax until the parcel is sold or <br /> anv portion thereof sold by wav of conveyance which is subiect to conveyance tax <br /> under terms of chapter 247 Hawaii Revised Statutes, at which time the propertv <br /> will be assessed at mazket value In addition to the 3% limit of this subsection anv <br /> improvements undertaken on the propertv within the tax veaz shall be assessed at <br /> market value All pazcels entering this class after January 1.2004 shall have the <br /> 6 <br /> <br />