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(1) <br />In the case of additions, alterations, modifications or other new <br />construction, improvements or repair work to a building that are <br />undertaken pursuant to any urban redevelopment, rehabilitation or <br />conservation project as hereinabove mentioned, the statement shall <br />be certified by the mayor or any government official designated by <br />the mayor and approved by the council, that the additions, <br />alterations, modifications, or other new construction, improvement <br />or repair work to the buildings were made and satisfactorily <br />comply with the particular urban redevelopment, rehabilitation or <br />conservation act provision, or <br />(2) <br />In the case of maintenance or repairs to a residential building <br />undertaken pursuant to any health, safety, sanitation or other <br />governmental code provision, the statement shall be certified by <br />the mayor or any governmental official designated by the mayor <br />and approved by the council, that: <br />(A) The building was inspected by them and found to be <br />substandard when the owner - occupant made the claim, and <br />(B) The maintenance or repairs to the buildings were made and <br />satisfactorily comply with the particular code provision. <br />(g) Limitation on homeowner assessment. <br />(1) <br />For properties in the homeowner class as of January 1, 2004 and <br />not dedicated to nonspeculative residential use, the assessed value <br />of the property shall not increase more than three percent per tax <br />year until the parcel is sold or any portion thereof sold by way of <br />conveyance which is subject to conveyance tax under terms of <br />chapter 247, Hawaii Revised Statutes, at which time the property <br />will be assessed at market value. In addition to the three percent <br />limit of this subsection any improvements undertaken on the <br />property within the tax year shall be assessed at market value. All <br />parcels entering this class after January 1, 2004 shall have the <br />assessed value as of January 1 of the following year and be subject <br />to the above provisions. <br />(2) <br />Those properties dedicated to nonspeculative residential use as of <br />January 1, 2004 may terminate the dedication without imposition <br />of retroactive taxes upon filing and approval of petition for such <br />termination with the director of finance by September 1, 2009. <br />Upon termination of the dedication these properties shall be <br />assessed at the market value and subject to section 19- 53(g)(1). <br />(3) <br />Those properties dedicated to nonspeculative residential use as of <br />January 1, 2004 may continue the dedication and upon termination <br />of the dedication period the parcel shall be assessed at the market <br />value and the year following the termination be subject to section <br />19- 53(g)(1) unless the dedication is renewed as provided in section <br />19 -58.1. <br />11 <br />