BIL 323 Draft 01 2006-2008 - Laserfiche WebLink

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(e) Applications will not be accepted. Section 19-58.1 shall be repealed upon the final~artic~ant in the nonspeculative residential use program being converted as provided in paragraph 19-53(x). Section 19-58.2. Nonspeculative residential use assessment. Properties approved by the director for dedication to nonspeculative residential use shall be assessed for real property tax purposes in the following manner: (a) Property, approved for nonspeculative residential use dedication, shall be assessed for real property tax valuation purposes on its market value as of the assessment date January 1 of the calendar year following the petition approval. This assessment shall be frozen for the dedication period, except for adjustments as provided for in this section. (b) Upon approval by the director of succeeding dedications by the owner of the same property, the assessed valuation shall continue to be assessed in accordance with the provisions of section 19- 58.2(a). (c) If any improvements are undertaken on the dedicated property, and such improvements increase the market value of the dedicated property, the assessment shall be increased based on the market value of the improvements undertaken, however, the assessed valuation for ensuing tax years shall be determined in accordance with the provisions of section 19-58.2(a). (d) If any improvements are undertaken on the dedicated property, the owner shall obtain the required building permit for the construction of new or additional improvements or renovations of the dedicated property. Violation of this reporting requirement will result in cancellation of the dedication and activate payment of retroactive taxes and penalties. (e) In the case where additional dwelling units are constructed or a single-family dwelling unit is renovated or converted into a two or more family dwelling unit all in accordance with article 6, chapter 25, Hawaii County Code of 1983, as amended, the dedication shall not be cancelled provided the owners within sixty days of the change submit a written application to continue the dedication and file the claim for home exemption and the owners would continue to be eligible for the home exemption. If the owner fails to submit the written application in a timely manner or uses the additional dwelling units or renovated areas for rental or income- producing purposes the dedication shall be cancelled and the retroactive taxes imposed. (f) If the dedicated property loses the home exemption under which it was dedicated, or if the dedicated property or any portion thereof is sold by way of a conveyance which is subject to conveyance tax under the terms of chapter 247, Hawaii Revised Statutes, the 6