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<br /> <br /> <br /> <br /> <br /> value, whichever is less. (This means if your <br /> dedication started July 1, 2006, your base Year will <br /> be 2006/2007.) <br /> (C) For properties who converted from the <br /> nonspeculative residential use program to the <br /> homeowner program (three percent per year) since <br /> January 1 2004, their base year shall be reassessed <br /> as provided in subsections A or B, above. <br /> (D) Upon the end of the nonspeculative residential use, <br /> cancellation without breach or reassessment, the <br /> ensuing real property assessed value shall be <br /> determined by the following formula or current <br /> market assessed value, whichever is less: <br /> <br /> Ensuing real property tax year assessed <br /> value = Base gar's 1 l value plus three <br /> percent a year compounded annually, to include the <br /> ensuing tax year. <br /> <br /> (E) Further, homeowners who have applied for or <br /> renewed their nonspeculative residential use for the <br /> fiscal year 2009-2010 will have their application <br /> cancelled and will be assessed as stated above. <br /> (3) The properties dedie .e tofte. ,,,..a4ve residential <br /> use as of r _ 1 2004 m entin„e the dedieafien <br /> <br /> be assessed at the mar4e! valtie and the year following <br /> termination be stib:eet to section 19 59(8)(1) unless the <br /> dedisatien is renewed as provided in seetien 19 584.] <br /> Paragraphs 19-53(8)(2) and (3) shall be repealed upon the <br /> final participant in the nonspeculative residential use <br /> program being converted as provided above." <br /> <br /> SECTION 2. Chapter 19, article 7, sections 19-58.1 and 19-58.2, Hawaii County Code <br /> 1983 (2005 Edition, as amended), are amended to read as follows: <br /> <br /> "Section 19-58.1. Certain lands dedicated to nonspeculative <br /> residential use. Petitions f1H»IieNtioHSl will not be accepted. <br /> (a) The term "owner" as used in this section shall mean the fee owner <br /> or the lessee of real property with an unexpired lease term of not <br /> less than five years from the effective date of the dedication. <br /> (b) Any owner of property who qualifies under sections 19-71 and <br /> 19-72 for home exemption and uses the property exclusively for <br /> residential use may dedicate said property in its entirety to <br /> nonspeculative residential use and have that parcel assessed in the <br /> manner provided by section 19-58.2, except that a husband and <br /> <br /> <br /> 2 <br />