BIL 172 Draft 01 2006-2008 - Laserfiche WebLink

Home

.~1Mty or v 'may ~'<G COUNTY OF HAWAII STATE OF HAWAII A • BILL NO. i7a ORDINANCE NO. AN ORDINANCE AMENDING CHAPTER 19, ARTICLE 7, SECTION 19-53(a) OF THE HAWAII COUNTY CODE 1983 (2005 EDITION, AS AMENDED), REAL PROPERTY TAXES, RELATING TO VALUATIONS. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Purpose. The purpose of this ordinance is to provide for special consideration in determining the values of properties in the Waikoloa Workforce Housing Project due to its unique characteristics. Market data and cost approaches using neighboring developments for comparison in assessing such properties would not be appropriate and should not be considered. SECTION 2. Chapter 19, article 7, section 19-53(a) Hawaii County Code 1983 (2005 Edition, as amended), is amended to read as follows: Section 19-53. Valuation; consideration in fixing. (a) Except as provided below, the director of finance shall cause the market value of all taxable real property to be determined and annually assessed by the market data and cost approaches to value using appropriate systematic methods suitable for mass valuation of properties for taxation purposes, so selected and applied to obtain, as far as possible, uniform and equalized assessments throughout the County. In making such determination and assessment, the director shall separately value and assess within each class established in accordance with subsection (e) of this section: (1) Buildings. In determining the value of buildings, consideration shall be given to any additions, alterations, remodeling, modifications or other new construction, improvement or repair work undertaken upon or made to existing buildings as the same may result in higher assessable valuation of said buildings. (2) All other real property, exclusive of buildings. Exception. The value of land classified and used for agriculture as determined pursuant to section 19-57 or 19-60 shall be the value of such land for such agricultural use without regard to any value that such land might have for other purposes or uses. The director shall update the agricultural use values at least every five years and shall consult with agriculturalists and/or experts in the field when making such determination. The establishment of the agricultural use rate values shall be made in accordance with chapter 91, Hawaii Revised Statutes. (3) Real pronerty leased and located within the Waikoloa Workforce Housing yroject shall be valued under this chanter based on comparison with like properties within the same rp otect•