HomeMy WebLinkAboutCOM 0395.002 2002-2004 ?r or~
Harry Kim ~,c~ •w
~ William Takaba
Mayor Direclor
• Nancy E. Crawford
• Depury Direclor
• •R•oi •Mi'~
County of Hawaii ~
'
Finance Department ~
25 Aupuni Street, Room 118 • Hilo, Hawaii 96720 ! -
(806) 961-8234 Pax (808) 961-8248 I--•
=r
September 10, 2004
Honorable James Arakaki, Chairperson and
Members of the County Council
Hawaii County Council
25 Aupuni Street
Hilo, HI 96720
Dear Chairman Arakaki:
Enclosed is Drafr 4 of Bill No. 175. Draft 4 proposes the following changes to Bill No. 175,
Drafr 3:
Section 19-53(h) is separated into three sub-sections to clarify how the proposed changes apply
to properties in the nonspeculative residential use dedication program. Asub-heading has been
added to the section - "Limitation on homeowner assessment."
1. 19-53(h)(1) refers to properties in the homeowner class as of January 1, 2004 and not
dedicated to non-speculative residential use.
2. 19-53(h)(2) refers to properties dedicated to non-speculative residential use as of January 1,
2004. It allows cancellations of dedications without retroactive taxes and it spells out the
basis on which the property will be assessed upon said cancellation.
3. 19-53(h)(3) refers to properties dedicated to non-speculative residential use as of January 1,
2004. It allows the continuation of the dedication and spells out the basis on which the
property will be assessed upon termination.
Please note that the "ramseyer type" format provided here notes the changes from draft 3 to draft
4and is provided for your convenience only. Due to rule of ?egislative drafting this format will
not appear on Bill 175 drafr 4.
1(~i Limitation on homeowner assessment.
For properties in the homeowner class as of January 1, 2004 and
not dedicated to non-speculative residential use, the assessed value
of the property shall not increase more than three percent (3%) per Q
Comm. No. t~'
Ref. To; PresseNeb
iyef, fore CFP 1 ~ 2D04
Honorable James Arakaki, Chairperson
Page Two
September 10, 2004
tax yeaz tax until the parcel is sold or any portion thereof sold by
way of conveyance which is subject to conveyance tax under terms
of chapter 247, Hawaii Revised Statutes, at which time the
property will be assessed at mazket value. In addition to the 3%
limit of this subsection any improvements undertaken on the
property within the tax year shall be assessed at market value. All
parcels entering this class after January 1, 2004 shall have the
assessed value as of January 1 of the following year and be subject
to the above provisions.
Those properties dedicated to non-speculative residential use as of
January 1 2004 may terminate the dedication without imposition
of retroactive taxes upon filing and approval of petition for such
termination with the director of finance by September 1 of the
following enactment of this section. Upon termination of the
dedication these properties shall be assessed at the market value
and subject to section 19-53(h)(1).
(3) Those properties dedicated to non-speculative residential use as of
January 1 2004 may continue the dedication and upon termination
of the dedication period the pazcel shall be assessed at the market
value and the yeaz following the termination be subject to section
19-53(h)(1) unless the dedication is renewed as provided in section
19-58.1
Should you have any questions, please contact me. Thank you very much.
Sincerely yours,
K/~Z~~~~
William Takaba
Director
APPROVED:
Harry Kim
~ Mayor
Enclosure
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