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• <br /> real estate is created and affected by people caway from Hawaii. <br /> There are not that many sales to people who live in the local <br /> area that increase the costs as much as those that are created <br /> by people elsewhere. They are the ones that have driven real <br /> estate up more than the local people have. All we are trying <br /> to do is to protect the local people. As long as they want to <br /> stay there that they have a greater protection in the ,a•ssgss- <br /> ment. Now, if they sell it, and they buy another home_ someplace <br /> else, they fall into the same category as any new buyer. That ' s <br /> their prerogative. But as long as they want to stay there 'they <br /> have a measure of protection. It does not discourage somebody <br /> from doing anything with the property. It doesn ' t discourage <br /> sale.- It does not discourage a buyer. The buyer looks at the <br /> economic feasibility andif he feels disposed, fine. He goesr <br /> ahead on _his ro ert . _" What the man does next toy iim has' <br /> nothing to do,with ;his sale_Tof that property for subdivision <br /> lots or for condos or hotels';'br whatever, unless he adversely <br /> affects it and as long as it currently zoned he can ' t. adversely <br /> affect a man from developing it. <br /> MR. CADINHA: . We are imposing a different set <br /> of economic facts for foreign capital than we are our own <br /> capital , are we not? • <br /> MR. ZUZA,K: I can ' t see that it is imposing • <br /> it upon foreign. Suppose either you or T wanted to buy_ 10 acres ' <br /> next door to a 10 acre farm and the family were living on it. <br /> We decided that we could cut that 10 acres up into 3 lots per <br /> acre and we could get 30 lots out of it. ' We would sell the lots. <br /> If we sold the lots to individuals to build homes on it and <br /> suppose they didn ' t build homes on it, they still paid the <br /> assessment on a subdivided lot but the 10 acre lot next door <br /> that you are living on , I haven ' t adversely affected you and <br /> you haven ' t adversely af.fected .me. You haven ' t received any <br /> moe benefits from the county but you haven ' t deterred me from <br /> making the investment in .div,iding my 10 acres. into subdivided <br /> homesites and selling them. I 'm not deterred from doing that. <br /> So foreign capital could still come in and do the same thing. <br /> The only thing• we have done is to protect you on your 10 acres <br /> and not force you out of your property by reason of what happens <br /> .to the property next door. • <br /> As it is: now, under the present. system of , <br /> taxation, because the adjoining 10 acres is put to a higher and <br /> better use it does adver's,ely affect your adjoining 10 acres . <br /> • Although your use has not changed. <br /> MR. SCHUTTE : Mr. Zuzakk. .:, Don ' t you feel then <br /> that right now the property tax department gives you a particular <br /> benefit in regards to farming or agriculture us'e® ::` Where you can <br /> dedicate your lands1to a specific use and get the' benefits of <br /> that dedication so that your surrounding improvements dont <br /> necessarily raise 'your property taxes over and above ag uses . <br /> This is one remedy. Another remedy, don ' t you think, is if the <br /> general plan that was made for this particulartic=,county were <br /> adhered to more stringently that it would eliminate this spec- <br /> ulation? Because then if ag lands were purchased they would be <br /> - 35 - <br />