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<br /> <br /> <br /> <br /> <br /> REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> <br /> <br /> DATE: October 7, 2008 RE: Comm. No. 1326/Bill No. 323 <br /> PLACE: Council Chamber <br /> Hilo, Hawaii <br /> TIME: 1:00 P.M. <br /> <br /> Council Chair and Members <br /> Hawaii County Council <br /> Hilo, Hawaii 96720 <br /> <br /> Your Committee on Finance, to which was referred Bill No. 323, reports as follows: <br /> <br /> Bill No. 323, transmitted by Council Member J Yoshimoto, via Communication No. 1326, dated <br /> July 3, 2008, amends Chapter 19, Hawaii County Code 1983 (2005 Edition), Real Property Taxes, <br /> relating to Real Property Taxes (Nonspeculative Residential Use). <br /> <br /> The purpose of this measure will not allow applications for the Nonspeculative Residential Use <br /> program and will eventually repeal the Nonspeculative Residential Use program, Sections 19-58.1 and <br /> 19.58.2. There will only be one valuation process in the homeowner class. The homeowner's class, <br /> having a three percent assessed value increased cap along with the low $5.55 real property tax rate, <br /> will be sufficient protection against excessive appreciation of the real estate market. <br /> <br /> At the July 22, 2008 Committee on Finance meeting, a motion to postpone the measure was made by <br /> Council Member J Yoshimoto and seconded by Council Member K. Angel Pilago, followed by a vote <br /> by the seven Members in attendance, to hear this measure in the Committee on Finance meeting that is <br /> scheduled for August 26, 2008. <br /> <br /> Communication No. 1326. 1, transmitted by Council Member J Yoshimoto, dated August 13, 2008, <br /> with proposed amendments, which amends Chapter 19, Article 7, Sections 19-53, 19-58.1 and 19-58.2 <br /> of the Hawaii County Code 1983 (2005 Edition, as amended), relating to Real Property Taxes <br /> (Nonspeculative Residential Use), will clarify and replace "Applications" with "Petitions." <br /> <br /> Communication No. 1326.3 was submitted by William Takaba, Director of Finance, dated <br /> August 25, 2008, in opposition to Bill No. 323 in its present form. Discussion to this communication <br /> concluded in a motion for postponement to the Committee on Finance meeting scheduled for <br /> September 23, 2008. <br /> <br /> At the August 26, 2008 Committee on Finance meeting a motion to postpone the measure was made by <br /> Council Member J Yoshimoto and seconded by Council Member Pete Hoffmann, followed by a vote <br /> by the nine Members in attendance, to hear this measure in the Committee on Finance meeting <br /> scheduled for September 23, 2008, to address the concerns expressed by Finance Director William <br /> Takaba. <br /> <br /> <br /> FC REPORT NO. 341 <br />