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<br /> <br /> <br /> <br /> <br /> AN ORDINANCE AMENDING CHAPTER 19, ARTICLE 7, SECTIONS 19-53,19-58.1 <br /> AND 19-58.2, HAWAII COUNTY CODE 1983 (2005 EDITION, AS AMENDED), <br /> RELATING TO REAL PROPERTY TAXES-NONSPECULATIVE RESIDENTIAL USE. <br /> <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> <br /> SECTION 1. Chapter 19, article 7, subsection 19-53(g), Hawaii County Code 1983 <br /> (2005 Edition, as amended), is amended to read as follows: <br /> <br /> "(g) Limitation on homeowner assessment. <br /> (1) For properties in the homeowner class as of <br /> January 1, 2004 and not dedicated to nonspeculative <br /> residential use, the assessed value of the property shall not <br /> increase more than three percent per tax year tax until the <br /> parcel is sold or any portion thereof sold by way of <br /> conveyance which is subject to conveyance tax under terms <br /> of chapter 247, Hawaii Revised Statutes, at which time the <br /> property will be assessed at market value. In addition to the <br /> three percent limit of this subsection any improvements <br /> undertaken on the property within the tax year shall be <br /> assessed at market value. All parcels entering this class <br /> after January 1, 2004 shall have the assessed value as of <br /> January 1. of the following year and be subject to the above <br /> provisions. <br /> (2) The real Property tax division will not accept applications for <br /> the nonspeculative residential use program. Those properties <br /> dedicated to nonspeculative residential use as of January 1, <br /> 2004 may continue the dedication until it expires or cancel <br /> the dedication program at any time, without the imposition of <br /> retroactive taxes when continuing in the homeowner class <br /> upon filing and approval of petition for such termination with <br /> the director of finance by [Septemimber1 December 31. [ef <br /> the year- F 11..., ing e set11e"t of this seer:.,., r pop <br /> ct to seetion 1r <br /> assessed at the . aFket value and subje-r <br /> rn <br /> . -co~xvrr <br /> c'] The owner may cancel the dedication and move <br /> into another class, however a retroactive assessment shall be <br /> imposed upon the breach of the dedication. <br /> (A) For properties whose dedication date of the current <br /> dedication was prior or equal to July 1, 2005, their <br /> base year shall be 2004/2005 nonsp culative <br /> esrdentral us arse Sed value or market f <br /> value, whichever is less. <br /> (B) For properties whose current dedication started after <br /> July 1, 2005, their base year shall be the same as the <br /> first year of their fdeda~t~et~] nonulat e <br /> residentia use ass ssed vale or market <br />