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<br /> <br /> <br /> <br /> <br /> <br /> assessment for that year shall be calculated as the difference <br /> between the dedicated value and the higher of either the actual <br /> selling price or the value of the property at its actual use. In the <br /> case of properties dedicated to nonspeculative use, notice of <br /> assessment as prepared under section 19-27 shall delineate the <br /> dedicated value and market value, beginning tax year 1993-94. <br /> (h) Section 19-58.2 shall be repealed upon the final participant in the <br /> nonspeculative residential use program being converted as <br /> provided in paragraph 19-53(g)." <br /> SECTION 3. Severability. If any provision of this ordinance, or the application thereof <br /> to any person or circumstance, is held invalid, the invalidity shall not affect other provisions or <br /> applications of the ordinance which can be given effect without the invalid provision or <br /> application, and to this end, the provisions of this ordinance are declared to be severable. <br /> <br /> SECTION 4. Material to be repealed is bracketed and stricken. New material is <br /> underscored. In printing this ordinance, the brackets, bracketed material, and underscoring need <br /> not be included. <br /> <br /> SECTION 5. This ordinance shall take effect upon its approval. <br /> <br /> INTRODUCED BY: <br /> r <br /> <br /> <br /> COUNCIL MEMBER, COUNTY OF HAWAII <br /> Hawaii <br /> Date of Introduction: <br /> Date of 1 st Reading: <br /> Date of 2nd Reading: <br /> Effective Date: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 7 <br />