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<br /> <br /> <br /> <br /> J YOSHIMOTO apt"~'0`•"•'!w,, Phone: (808) 961-8272 <br /> Council Member FAX: (808) 961-8912 <br /> District 3 Email: jyoshimoto@co.hawaii.hi.us <br /> T~ OF <br /> <br /> HAWAII COUNTY COUNCIL <br /> COUNTY OF HAWAII <br /> C=p <br /> <br /> MEMORANDUM ` t r - <br /> <br /> TO: Pete Hoffmann, Council Chair cr} <br /> and Council Members <br /> <br /> FROM: J Yoshimoto, Council Memberv " t <br /> <br /> DATE: July 3, 2008 <br /> <br /> SUBJECT: Repeal of the Nonspeculative Residential Use Program <br /> <br /> Attached for your consideration is a proposed bill for an ordinance to amend Chapter 19, <br /> Article 7, Sections 19-53, 19-58.1 and 19-58.2 of the Hawaii County Code 1983 (2005 Edition, <br /> as amended), relating to Real Property Taxes (Nonspeculative Residential Use). <br /> <br /> The surge in real property assessment market value has caused the Nonspeculative Residential <br /> Use assessment to increase substantially even though it would still be below the market value. <br /> This proposed ordinance will not allow applications for the Nonspeculative Residential Use <br /> program and will eventually repeal the Nonspeculative Residential Use program, Sections 19-58.1 <br /> and 19-58.2. At this point, there will only be one valuation process in the homeowner class. This <br /> once popular program is no longer needed as the homeowner class (three percent assessed value <br /> increase cap and the low $5.55 real property tax rate) provides sufficient protection against the <br /> excessive appreciation of the real estate market. <br /> <br /> The important amendments are reflected below: <br /> <br /> 1. Applications will no longer be accepted. <br /> 2. The owner may cancel the dedication without imposition of retroactive taxes when <br /> converting into the homeowner class. <br /> 3. A new valuation formula for converting into the homeowner class. <br /> 4. Subsections 19-53(g)(2) and (3), Sections 19-58.1 and 19-58.2 will eventually be <br /> repealed. <br /> <br /> Also attached are Exhibit A (Nonspeculative Residential Use Dedication Program, 11 -Year <br /> Projected Program Comparison) and Exhibit B (Nonspeculative Residential Use Dedication <br /> Program, Assessed Value and Parcel Schedule). <br /> <br /> JY/dwe / <br /> Attachments Comm. No. <br /> Wo F C <br /> It 3 2.3> Ref. To: <br /> Ref. Date 9 2tI~ <br /> Hawai `i County is an Equal Opportunity Provider and Employer <br /> Mailing Address: (Former County Building) 25 Aupuni Street, Hilo, Hawaii 96720 <br /> Business Address: Ben Franklin Building, 2 nd Floor, 333 Kilauea Avenue, Hilo, Hawaii 96720 <br />