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COUNTY OF HAWAII STATE OF HAWAII <br /> BILL NO. 175 <br /> Draft 5 <br /> ORDINANCE NO. U4 121. <br /> AN ORDINANCE AMENDING CHAPTER 19 OF THE HAWAII COUNTY CODE 1983 <br /> (1995 EDITION), REAL PROPERTY TAXES, RELATING TO VALUATION. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. The purpose of this measure is to amend section 19-53, Valuations; <br /> considerations in fixing. <br /> SECTION 2. Chapter 19, article 7, section 19-53, of the Hawaii County Code 1983 <br /> (1995 edition), is amended to read as follows: <br /> Section 19-53. Valuation; considerations in fixing. <br /> <br /> (a) The director of finance shall cause the market value of all taxable real property to be <br /> determined and annually assessed by the market data and cost approaches to value using <br /> appropriate systematic methods suitable for mass valuation of properties for taxation <br /> purposes, so selected and applied to obtain, as far as possible, uniform and equalized <br /> assessments throughout the County. In making such determination and assessment, the <br /> director shall separately value and assess, within each class established in accordance <br /> with subsection (e) of this section: <br /> (1) Buildings. <br /> (A) In determining the value of buildings, consideration shall be given to any <br /> additions, alterations, remodeling, modifications or other new <br /> construction, improvement or repair work undertaken upon or made to <br /> existing buildings as the same may result in higher assessable valuation of <br /> said buildings. <br /> (2) All other real property, exclusive of buildings. <br /> <br />