BIL 323 Draft 01 2006-2008 - Laserfiche WebLink

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COUNTY OF HAWAII ORDINANCE NO. STATE OF HAWAII BILL NO. 323 AN ORDINANCE AMENDING CHAPTER 19, ARTICLE 7, SECTIONS 19-53,19-58.1 AND 19-58.2, HAWAII COUNTY CODE 1983 (2005 EDITION, AS AMENDED), RELATING TO REAL PROPERTY TAXES-NONSPECULATIVE RESIDENTIAL USE. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Chapter 19, article 7, subsection 19-53(g), Hawaii County Code 1983 (2005 Edition, as amended), is amended to read as follows: "(g) Limitation on homeowner assessment. (1) For properties in the homeowner class as of January 1, 2004 and not dedicated to nonspeculative residential use, the assessed value of the property shall not increase more than three percent per tax year tax until the parcel is sold or any portion thereof sold by way of conveyance which is subject to conveyance tax under terms of chapter 247, Hawaii Revised Statutes, at which time the property will be assessed at market value. In addition to the three percent limit of this subsection any improvements undertaken on the property within the tax year shall be assessed at market value. All parcels entering this class after January 1, 2004 shall have the assessed value as of January 1 of the following year and be subject to the above provisions. (2) The real property tax division will not accept applications for the nonspeculative residential use program. Those properties dedicated to nonspeculative residential use as of January 1, 2004 may continue the dedication until it expires or cancel the dedication program at an time, without the imposition of retroactive taxes when continuing in the homeowner class upon filing and approval of petition for such termination with the director of finance by [~be~l-] December 31. [e€ `] The owner may cancel the dedication and move into another class, however a retroactive assessment shall be imposed upon the breach of the dedication.