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assessed value as of January i of the following vear and be subiect to the above <br /> provisions. <br /> Those properties dedicated to non-speculative residential use as of January 1, <br /> 2004 may continue the dedication without imposition of retroactive taxes upon <br /> filino and approval of petition for such termination with the director of finance by <br /> September 1 of the yeaz followine enactment of this section. Upon tenmination of <br /> the dedication these properties shall be assessed at the mazket value and subiect to <br /> section 19-53(h)(1). <br /> Thoseproperties dedicated to non-speculative residential use as of <br /> January 1 2004 may continue the dedication and upon termination of the <br /> dedication period the parcel shall be assessed at the market value and the vear <br /> following the termination be subiect to section 19-53(h)(1) unless the dedication <br /> is renewed as provided in section 19-58.1. <br /> SECTION 3. Material to be repealed is bracketed. New material is underscored. In <br /> <br /> printing this ordinance, the brackets, bracketed material and underscoring need not be included. <br /> SECTION 4. If any provision of this ordinance, or the application thereof to any person <br /> or circumstance, is held invalid, such invalidity shall not affect other provisions or applications <br /> of the ordinance which can be given effect without the invalid provision or application, and to <br /> <br /> this end, the provisions of this ordinance are declazed to be severable. <br /> SECTION 5. This ordinance shall take effect upon its approval. <br /> INTR CED BY: <br /> (~/R~ <br /> COUNCIL MEMB ,COUNTY HAWAII <br /> Hilo, Hawaii <br /> Date of Introduction: <br /> Date of 1st Reading: <br /> Date of 2nd Reading: <br /> Effective Date: <br /> REFER~NCE: Comm. 395.6 <br /> 7 <br /> <br />