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Honorable Pete Hoffmann, Chairman <br /> <br /> Page 3 <br /> <br /> February 20, 2007 <br /> FY 2002-03 -and the effects of valuation increases thereafter. For this reason, we do not <br /> anticipate singling out the homeowners class for any tax rate reduction in FY 2007-08. <br /> We would, instead, like to offer tax incentives that will ultimately create more affordable homes <br /> for those who must rent. In the next few weeks, the creation an "affordable rental" class for <br /> properties rented at or below an "affordable rental" threshold will be proposed. Once <br /> established, the impact of any incentives can be evaluated and thereafter, the tax rates for all <br /> classes of property can be reconsidered. We look forward to working with you and other <br /> members of the County Council as we now try to address the housing needs of Big Island <br /> renters. <br /> I firmly believe we are making great strides in achieving our goal of improving our tax laws as <br /> we consider fairness, ability to pay, simplicity, and sharing appropriately in the cost of <br /> government operations and services. Thank you for the opportunity to present our comments. <br /> Thank you for the opportunity to present our comments. <br /> Aloha, <br /> William Takaba <br /> <br /> Finance Director <br /> cc: Harry Kim, Mayor <br /> <br />