BIL 126 Draft 01 2014-2016 - Laserfiche WebLink

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(B) The property is subdivided into parcels of less than five acres in size; or (C) A condominium property regime is declared for the property having condominium units with an area equivalent to less than five acres in size. (2) The [defeffed] rollback tax shall commence from the date the conversion was made retroactive to the date the agricultural use assessment was approved, but for not more than a period of two years plus the current year. (3) The amount of [deferred] rollback taxes shall be based on the difference between the assessed market value at highest and best use and the assessed agricultural use value of the land at the tax rate applicable for the respective years, with a ten percent penalty. (e) This section shall be repealed in its entirety on June 30 2019." SECTION 3. Chapter 19, article 8 of the Hawaii County Code 1983 (2005 Edition, as amended), is amended by adding two new sections to be appropriately designated and to read as follows: "Section 19- . Short term commercial agricultural use dedication. (a) A special land reserve is established to enable the owner of any parcel of land or lessee of a recorded agricultural lease with a minimum of three years remaining on the lease at time of petition, to dedicate the land to the short term commercial agricultural use program, and to have the land assessed its value in such use for a period of three years, or in the case of a recorded agricultural lease the term of the lease up to three ears, provided: (1) The commercial agricultural use is limited to farming operations that adhere to generally accepted standards or recognized practices within the agricultural industry that are not otherwise prohibited by law, and generate income, monetary gain or economic benefit in the form of money or money's worth of a minimum $2,000 annual gross income per farm operation. In the absence of generating a minimum of $2,000 annual gross income, an applicant may alternatively submit an IRS form 1040 Schedule F (Profit and Loss from Farming) or such other IRS form showing profit and loss from farming that includes expenses in an amount in excess of $2,000. No more than two applications for the short term commercial agricultural program, each for a three year period, may be submitted without meeting the required minimum of $2,000 in annual gross income; (2) The land is designated by County zoning district classification as agricultural, residential and agricultural family agricultural intensive agricultural, agricultural project district; and (3) The land dedicated for short term commercial agricultural use must be used on a continuous and regular basis for intensive agriculture orchards feed crops and fast rotation forestry or pasture and slow rotation forestry and have a minimum lot size per farm operation for that dedicated category of commercial activity as provided for in the administrative rules and