ORD 2007-171 2006-2008 - Laserfiche WebLink

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