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SECTION 3. 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 />"Section 19-58.1. Certain lands dedicated to nonspeculative residential
<br />use. Only renewal petitions will be accepted.
<br />(a) The term "owner" as used in this section shall mean the fee owner or
<br />the lessee of real property with an unexpired lease term of not less than
<br />five years from the effective date of the dedication.
<br />(b) Any owner of property who qualifies under sections 19-71 and 19-72
<br />for home exemption and uses the property exclusively for residential
<br />use may dedicate said property in its entirety to nonspeculative
<br />residential use and have that parcel assessed in the manner provided by
<br />section 19-58.2, except that a husband and wife, although living
<br />separate and apart, shall be entitled to dedicate only one parcel to the
<br />nonspeculative residential use.
<br />Exclusive residential use as used in this section shall not permit
<br />the owner to conduct any commercial activities on the property, except
<br />as otherwise permitted in sections 19-71(a) and (b). Those owners who
<br />have dedicated their property to agricultural use or receive the benefit
<br />of the agricultural use or native forest dedication shall not be eligible
<br />for this nonspeculative residential use dedication.
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