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such land might have for other purposes or uses. The director shall <br />update the agricultural use values at least every five years and shall <br />consult with agriculturalists and /or experts in the field when <br />making such determination. The establishment of the agricultural <br />use rate values shall be made in accordance with chapter 91, <br />Hawaii Revised Statutes. <br />(3) Real property leased and located within the Waikoloa Workforce <br />Housing project shall be valued under this chapter based on <br />comparison with like properties within the same project. <br />(b) So far as practicable, records shall be compiled and kept which shall show <br />the methods established by or under the authority of the director, for the <br />determination of values. <br />(c) Whenever land has been divided into lots or parcels as provided by law, <br />each such lot or parcel shall be separately assessed. <br />(d) When a condominium property regime is declared for a property, each unit <br />shall be classified upon consideration of its actual use into one of the <br />general classes in the same manner as land. <br />(e) Classification of land: <br />(1) Except as otherwise provided in subsection (e)(2) of this section, <br />land shall be classified, upon consideration of its highest and best <br />use, into the following general classes: <br />(A) Residential; <br />(B) Affordable rental housing; <br />(C) Apartment; <br />(D) Hotel and resort; <br />(E) Commercial; <br />(F) Industrial; <br />(G) Agricultural or native forests; <br />(H) Conservation; and <br />(I) Homeowner. <br />(2) In assigning land to one of the general classes the director of <br />finance shall give major consideration to the districting established <br />by the land use commission pursuant to chapter 205, Hawaii <br />Revised Statutes, the districting established by the County in its <br />general plan and zoning ordinance, use classifications established <br />in the general plan of the State, and such other factors which <br />influence highest and best use, except that parcels which are used <br />exclusively as the owner's principal residence shall be classified as <br />"homeowner" without regard to the highest and best use, provided <br />that the director has granted to the owner a home exemption in <br />accordance with sections 19 -71 to 19 -72. <br />(A) The homeowner class is exclusively reserved for properties <br />which are used as the owner's principal residence. Uses <br />which shall not qualify as "homeowner" include: <br />(i) Real property which is valued according to its <br />nondedicated agricultural use pursuant to <br />►a <br />