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each parcel of land in the District. Such assessments shall be called the <br /> "Assessments." <br /> (ii) The Assessment for each parcel of land in the District for the first fiscal year <br /> shall be based on the following rates and method of apportionment: <br /> 1) Parcels of land within the District Zone 1, will be assessed at the rate of <br /> $1.75 for every $1,000 of "Total Net Taxable Value" of each such parcel <br /> of land, as indicated on the County's real property tax assessment list <br /> prepazed for the tax yeaz corresponding with the applicable fiscal year, <br /> except for the first assessment yeaz which will be assessed on a pro-rata <br /> basis from the date of establishment. "Total Net Taxable Value" means the <br /> total assessed value of a parcel of land assessed by the real property tax <br /> office of Hawaii County, including the assessed value of any <br /> improvements on that parcel of land, less applicable exemptions. The rate <br /> of assessment applicable to each parcel of land in the District Zone 1 shall <br /> be called "Zone 1 Rate." <br /> 2) Parcels of land within the District Zone 2, will be assessed at the rate of <br /> thirty-three and one-third percent (33-1/3%) of the Zone 1 Rate. <br /> 3) All residential condominium apartments within the District will be <br /> assessed at the Zone 2 Rate. <br /> 4) For each parcel of land within District Zones 1 and 2 that contain a <br /> single family residence or condominium apartment with a homeowner's <br /> exemption on file with the Hawaii County real property tax office, at the <br /> flat annual rate of $100 or the actual real property tax assessment <br /> whichever is the lesser amount. The annual assessment amount as <br /> determined above shall remain the same and shall not increase throughout <br /> the entire term of the improvement district; provided, however, that the <br /> annual rate for asingle-family residence or condominium apartment that is <br /> hereafter sold, shall be reassessed and recalculated for the remaining term <br /> of the District. <br /> (iii) The Assessments for subsequent fiscal years shall be made in accordance <br /> with the Section 35-21 of the Hawaii County Code. <br /> (iv) The following parcels of land shall not be assessed under this District <br /> <br /> Plan: <br /> 1) Parcels of land owned by the United States, the State of Hawaii and the <br /> County of Hawaii; provided, however, that property and leases of <br /> government property subject to real property taxation under Sections 19- <br /> 84, 19-85 and 19-86 of the Hawaii County Code shall be assessed under <br /> this District Plan. <br /> 6 <br /> F,XHTRTT "A" <br /> <br />