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(4) If the application is approved, the assessment based upon the use requested in <br /> the application shall be effective as of January 1 for the following tax year <br /> (5) Renewal of the application shall be in such form and at such time as required by <br /> the director. <br /> (d) Deferred or roll back tax. <br /> (1) A deferred or roll back tax shall be imposed on the owner of the agricultural <br /> land upon anv of the following events: <br /> (A) Conversion to anv County zoned district other than agricultural <br /> residential and agricultural family agricultural intensive agricultural <br /> or aoricultural project district as a result of a petition by the owner or <br /> lessee; <br /> (B) The property is subdivided into parcels of less than five acres in size• or <br /> (C) A condominium property regime is declared for the property having <br /> condominium units with an area equivalent to less than five acres in size <br /> (2) The deferred tax shall commence from the date the conversion was <br /> made retroactive to the date the aoricultural use assessment was <br /> approved but for not more than a period of two years plus the <br /> current year. <br /> (3) The amount of deferred taxes shall be based on the difference <br /> between the assessed market value at highest and best use and the <br /> assessed agricultural use value of the land at the tax rate applicable <br /> for the respective years, with a ten percent penalty. <br /> SECTION 5. Chapter 19, article 8, section 19-60, of the Hawai i County Code 1983 <br /> (1995 edition), is amended to read as follows: <br /> <br /> Section 19-60. [Rp~_.-__-.] Commercial Agricultural Use Dedication. <br /> <br /> (a) A special land reserve is established to enable the owner of any parcel of land or lessee <br /> of a recorded agricultural lease with a minimum of five years remaining on the lease at <br /> time of petition, to dedicate his or her land for a specific commercial agricultural use <br /> dedication, and to have his or her land assessed its value in such use for a period of ten <br /> years, or in the case of a recorded aoricultural lease the term of the (ease up to ten <br /> years, provided: <br /> (1) The land dedicated for commercial activity must be used on a continuous and <br /> regular basis for intensive agriculture, orchards, feed crops and fast rotation <br /> forestry or pasture and slow rotation forestry and have a minimum lot size per <br /> farm operation for that dedicated category of commercial activity as provided for <br /> in the administrative rules and regulations of the department; and <br /> i2 <br /> <br />