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COUNTY OF HAWAI`I •_ `.t 0 • STATE OF HAWAII <br /> OF•HF•'� <br /> BILL NO. 50 <br /> (DRAFT 2) <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 Hawai`i 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 percent] $9,000,000 of the revenue collected annually <br /> pursuant to this subsection[;] or, whenever less than$9,000,000 is collected, all <br /> such revenue.,calculated as the difference in revenue from the residential tier one <br />