HomeMy WebLinkAboutCOM 0396.000 2002-2004 MfY Oe N
Harry Kim William Takaba
Mayor Director
Nancy E. Crawford
e+:~ Deputy Director
Oi•M~+
County of Hawaii
Finance Department
25 Aupuni Street, Room 118 • Hilo, Hawaii 96720
(808) 961-8234 Fax (808) 961-8248
October 23, 2003
Honorable James Arakaki, Chairperson and IRECxtvt'i
Members of the County Council 11 y 2.} PiY g
Hawaii County Council Dar. d X3.0 3Y~
25 Aupuni Street SAUnry Goundl
Hilo, HI 96720
Dear Chairman Arakaki:
Enclosed is a Bill for an Ordinance amending Chapter 19, article 7, section 19-58.1 of the
Hawaii County Code, relating to certain lands dedicated to nonspeculative residential use.
Any owner of property who qualifies for a home exemption and uses the property exclusively for
residential use may dedicate said property to nonspeculative residential use. The dedicated
parcel is then assessed, for real property tax valuation purposes, on its market value. This value
is frozen for the ten-year dedication period. Unfortunately, many homeowners choose not to
participate in this program due to the uncertainties of a long dedication period, and the cost of
breaching a dedication.
The purpose of this measure is to reduce the current dedication period from ten years to five
years and reduce corresponding rollback provisions by five years. We believe that these changes
will encourage more residents, particularly older persons living in areas with rapidly increasing
property values, to participate in the nonspeculative residential use dedication program and still
enable the county to carry out its purposes.
Should you have any questions, please contact me. Thank you very much.
incerely yo rs,
i
William Ta aba
Director
APPROVED:
arry Kim Comm. No.
Mayor Ref. To:
r '•p•..
Enclosure