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J��Yfof it <br />COUNTY OF HAWAI`I -• STATE OF HAWAI`I <br />'Itf OF.NA•1 <br />BILL NO. 50 <br />ORDINANCE NO. <br />AN ORDINANCE AMENDING CHAPTER 19, ARTICLE 11, SECTION 19-90, OF THE <br />HAWAI`I COUNTY CODE 1983 (2016 EDITION, AS AMENDED), RELATING TO <br />REAL PROPERTY TAXES. <br />BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAI`I: <br />SECTION 1. Chapter 19, article 11, section 19-90, of the Hawaii County Code 1983 <br />(2016 Edition, as amended) is amended by amending subsection (f) to read as follows: <br />"(f) Residential tax rate tiers. <br />(1) Notwithstanding any provision to the contrary, the council shall establish a <br />separate tax rate each for the residential tier one property and residential tier <br />two property, as defined below. The tax rates shall be applied as follows: <br />(A) The tax rate established for the residential tier one property shall be <br />applied to the net taxable real property value under $2,000,000. <br />(B) The tax rate established for the residential tier two property shall be <br />applied to the net taxable real property value of $2,000,000 or more. <br />(2) For the purposes of this section, "residential tier one property" shall mean all <br />property, or portions thereof, other than a residential tier two property, within <br />the residential class. "Residential tier two property" shall mean a property, or <br />portion thereof, which: <br />(A) Is improved with one or more dwelling units, has a net taxable real <br />property value of $2,000,000 or more, does not have a home exemption, <br />and is classified as residential in consideration of the highest and best <br />use of the land; <br />(B) Is vacant land that has a net taxable real property value of $2,000,000 or <br />more, and is classified as residential in consideration of the highest and <br />best use of the land; or <br />(C) Is a condominium property regime that has a net taxable real property <br />value of $2,000,000 or more, does not have a home exemption, and is <br />classified as residential in consideration of the highest and best use of <br />the land. <br />(3) The respective tax rate to be applied to any property within the residential <br />class shall be applied only to the portion used exclusively as residential, <br />provided the highest and best use of the land is residential. <br />(4) No less than [seventy five pereer*] $9,000,000 of the revenue collected annually <br />pursuant to this subsection, calculated as the difference in revenue from the <br />residential tier one property tax rate to the residential tier two property tax rate, <br />