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(4) Those properties dedicated to nonspeculative residential use as of <br />the effective date of this ordinance may terminate the dedication <br />without the imposition of retroactive taxes upon filing and <br />approval of petition for termination of dedication with the director <br />of finance by September 1, 2009. <br />For properties with an effective date of dedication prior to July 1, <br />2005, or renewals after July 1, 2005, the assessed value shall be the market <br />value at January 1, 2004 and increased compounded annually by three <br />percent; and for properties with an effective date of dedication after <br />July 1, 2005, the assessed value shall be the market value at the effective <br />date of dedication and increased compounded annually by three percent as <br />set in the table below rounded to the nearest hundred dollars of assessed <br />value: <br />5 <br />Effective Date of Market Value at Assessed Value <br />Dedication Multiplier <br />Prior to July 1, 2005 January 1, 2004 1.1941 <br />July 1, 2005 January 1, 2005 1.1593 <br />July 1, 2006 January 1, 2006 1.1255 <br />July 1, 2007 January 1, 2007 1.0927 <br />July 1, 2008 January 1, 2008 1.0609 <br />(5) <br />Paragraphs 19- 53(g)(2), (3), (4) and (5) shall be repealed upon the <br />final participant in the nonspeculative residential use program <br />being converted as provided above. <br />(h) Eligibility for affordable rental housing class. <br />(1) <br />Real property occupied as affordable rental housing must be rented <br />at a rate not to exceed the affordable rental rate for the entire <br />calendar year claimed and must be legally permitted by all codes. <br />(2) <br />All rental units on affordable rental housing properties must be <br />rented at the affordable rental rates. <br />(3) <br />Affordable rental housing properties shall not be excluded by the <br />owner's principal residence also being on the property. <br />(4) <br />For properties in the affordable rental housing class as of January <br />1, 2008, the assessed value of the property shall not increase more <br />than three percent per tax year until the parcel is sold or any <br />portion thereof sold by way of conveyance which is subject to <br />conveyance tax under terms of chapter 247, Hawaii Revised <br />Statutes, at which time the property will be assessed at market <br />value. In addition to the three percent limit of this subsection, any <br />improvements undertaken on the property within the tax year shall <br />be assessed at market value. All parcels entering this class after <br />January 1, 2008, shall have the assessed value as of January 1 of <br />the following year and be subject to the above provisions. <br />(i) Application <br />for the affordable rental housing class. <br />5 <br />