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RF,PORT OF THF. <br />COMMITTEE ON FINANCF, <br />DnTF.: August 31, 2004 <br />PLACL: Council Chambers <br />I'-ME: 10:05 a.m. <br />Rr. Comm. No. 394/Bill No. 174 <br />Council Chair and Members <br />I Iawai'i County Council <br />}lilo, Hawaii 96720 <br />Your C'ommittce on Pinancc, to which was referred Bill No. 174, reports as follows <br />Bill No. 174. transmitted by Director of Finance William Takaba_ via Communication No. 394, dated October 23. <br />2003, amends Chapter 19, Hawaii County Code 1983 (1995 Edition), Real Property Taxes, relating to home <br />exemptions. <br />The purpose of this measure is to amend section 19-71, home exemptions, by creating an additional exemption of <br />20%~ of the pre-exemption assessed value to a maximum of $80,000 for those eligible for homeowners exemption. <br />Originally heard on November 4.2003_ this measure was deferred <br />At subsequem Finance Committee workshops held on November 3 & 17, 2003, Director of Finance <br />William Tal.aba provided an overview of the bill, summary of concerns, summary of exemptions and major <br />issues. fhe issues included the pros and cons of the additional exemption based on percent of property vahie, <br />which are as Billows: <br />Pros: Cons: <br />-Considers property value when determining exemption -Reduces County revenues <br />-Provides relief to young families/new homeowners/ <br />persons on fixed incomes <br />-Provides relief to homeowners living in areas where <br />property values are increasing rapidly <br />Bill No. 17~}, Urali 2 was rcicrred to Your Committee, dated October 30, 2003, from Director of Finance William <br />fakaba. clarih} ing and correcting the original bill. <br />Some members of Your Committee felt that the maximum of $80,000 fi>r those eligible for homeowners <br />exemption should he deleted as it did not account for the high values in West Hawaii. <br />For informational purposes, Mr. "I"yler voted kanalua twice. <br />Your Committee on Finance is in accord with the purpose and intent of Bill No. 174, as amended to Draft 2, and <br />recommends it pass lust reading. <br />emc <br /> s~ rs vors sxr. .u;s <br />CHIiNG X <br />S.A FARIK X <br />ARAI~AItiI X <br />h:1,ARIONOFF X <br />HOLSCHUH X <br />AACOBSON X <br />REVNOI,DS X <br />Tl LANG X <br />7"1LER X <br />Respectfully submitted <br />PC RFl'OR't <br />nDOPTF,D: <br />COMMITTEE ON FINANCE <br />