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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 />BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br />SECTION 2. Chapter 19, article 7, subsection 19-53(g), Hawaii County Code 1983 <br />(2005 Edition, as amended), is amended to read as follows: <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 yeaz tax until the <br />pazcel 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 mazket value. In addition to the <br />three percent limit of this subsection any improvements <br />undertaken on the property within the tax yeaz shall be <br />assessed at market value. All parcels entering this class <br />after Januazy 1, 2004 shall have the assessed value as of <br />January 1 of the following yeaz and be subject to the above <br />(2) <br />~~,,.° ,~-.:;:a°~.:~~ ° -°.1 Those <br />properties dedicated to nonspeculative residential use as of <br />January 1, 2004 may leextitx~el termina'"~te the dedication <br />E ~l without imposition of retroactive taxes f <br />'"°'""""~"'r'°'~ ""~~`"~`"`~ "~] upon filing and approval <br />of petition for such termination with the director of finance <br />by September 1 2005 [-'r..l [^``''° ~ ° ~ "'°~°~°° <br />