ORD 2014-097 2012-2014 - Laserfiche WebLink

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2007 January 1, 2007 1.0927 July 1, 2008 January 1, 2008 1.0609 (5) Paragraphs 19-53(g)(2), (3), (4) and (5) shall be repealed upon the final participant in the nonspeculative residential use program being converted as provided above.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