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MS. ISBELL: That is not what it says here. <br /> It says he would be taxed on the assessed value, the fair <br /> market value. If he paid $200, 000 for it, that, from then on <br /> is going to be his assessed value. If the man who had it <br /> before bought it for $40,000, we are saying that that is his <br /> assessed value and it will stay at that going up only 1% on <br /> it and not to increase more than 2% per year. But once that <br /> property is sold and again here is why I brought up the Oregon <br /> law--perhaps the person who is selling it should also be <br /> looked at if he does sell it for subdivision or a high price <br /> that he be taxed on what his intentions were for the past five <br /> years. <br /> I do not pretend to be a tax expert. I only <br /> know that we've got a big problem in Kona and I know that- my <br /> taxes have gone up as well as yours and I expect that they are <br /> all going to go up more. I just worry and am concerned as well <br /> as other people. I did not come up with this one, by the way. <br /> They are concerned about what is going to happen to others as <br /> well as themselves. <br /> MR. CADINHA: Ms. Isbell , with regards to <br /> what you were talking about on taxes. Proposal No. 3 that you <br /> have, would you apply that uniformly to all classes of property, <br /> all zonings? <br /> MS. ISBELL: Well , if the agricultural lands-- <br /> is that what you are saying--between agricultural and resort <br /> areas? I 'd hate to say it for right today because the land <br /> values are so high, but if in the past they have been valued at <br /> a certain price, once that is assessed, I 'd hate to see it <br /> assessed the way it- is today. <br /> MR. CADINHA: I 'm not asking you where you <br /> determine the basis. I 'm saying would you apply the 1% limit- <br /> ation to all classes of property? <br /> MS. ISBELL: That ' s a good question and , :. <br /> frankly, I . don ':t have the answer. I don ' t know because I 'm <br /> trying to figure out if a resort hotel were to be sold. . . <br /> MR. CADINHA: You are proposing that we put <br /> a 1% limit on what property, then? <br /> MS. ISBELL: I think I 'm talking about the <br /> farmer and the little residents. Personally, that is what our <br /> intent was. We didn ' t give enough thought, perhaps, to what <br /> it would be in a resort area which is to make money. Residents <br /> and farmers live on their farms or on their residents because <br /> that is where they have to live,; " It 'really applies to them, in <br /> _sny opinion. <br /> MR. CADINHA: To residents and agriculture. <br /> MS. ISBELL: Yes. This one_ needs to go back <br /> to the women and worked on some more, I can see that. .~ <br /> - 10 - <br />