Chapter 33 Tax Increment Districts

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TAX INCREMENT DISTRICTS § 33-16 Section 33-16. Tax on leased redevelopment property. Whenever property in the tax increment district has been redeveloped and thereafter is leased by the County to any person or whenever the County leases real property in any tax increment district to any person for redevelopment, the property shall be assessed and taxed in the same manner as privately owned property, and the lease or contract shall provide that the lessee shall pay taxes upon the assessed value of the entire property and not merely the assessed value of the lessee's leasehold interest. (1994, ord 94-76, sec 3.) Section 33-17. Collection of tax increments. (a) Commencing with the first payment of real property taxes levied by the County subsequent to the time a district takes effect, receipts from real property taxes collected for this district shall be allocated and paid as follows: (1) The amount of real property tax produced from the original assessment base shall be paid to the general fund; and (2) The tax increments produced from the assessment increment in the district shall be applied as follows: (A) First, an amount equal to (i) the installment of principal and interest falling due for any tax increment bonds, or (ii) any project cost approved by the council, shall be deposited into a tax increment fund established when the district was created. (B) Second, an amount equal to the amount of real property tax produced on the adjusted assessment base reduced by the amount already paid to the general fund in subsection (1) of this section shall be paid to the general fund. (C) Third, the remaining amount of tax increments, if any, shall be deposited into the tax increment fund. (b) The allocation of real property taxes pursuant to this section shall not limit the power of the County under section 47-12, Hawaii Revised Statutes, to levy ad valorem taxes without limitation as to rate or amount on all real property subject to taxation by the County for the payment of principal and interest of its general obligation bonds. (1994, ord 94-76, sec 3.) Section 33-18. Tax increment fund. (a) Money shall be disbursed from the tax increment fund for a tax increment district only to: (1) Satisfy the claims of holders of tax increment bonds issued for the tax increment district; (2) Pay project costs for the district; 33-13