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COUNTY OF HAWAII STATE OF HAWAII <br /> BILL NO. 320 <br /> Draft 2 <br /> ORDINANCE NO. <br /> AN ORDINANCE AMENDING CHAPTER 19 OF THE HAWAII COUNTY CODE 1983 <br /> (1995 EDITION), AS AMENDED, REAL PROPERTY TAXES, RELATING TO HOME <br /> EXEMPTIONS. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. The purpose of this measure is (1) to amend section 19-71, home <br /> exemptions, by creating an additional exemption of 20% of the pre-exemption assessed value to <br /> a maximum of $80,000 for those eligible for homeowners exemption and (2) to clarify and <br /> improve the definition of real property owned and occupied as a principal home. <br /> SECTION 2. Chapter 19, article 10, section 19-71, Hawaii County Code 1983 (1995 <br /> Edition), as amended, is amended to read as follows: <br /> "Section 19-71. Homes. <br /> <br /> (a) Real property owned and occupied as a principal home as of the date of assessment shall <br /> be exempt to the following extent from property taxes: <br /> (1) Totally exempt where the value of the property is not in excess of $40,000; <br /> (2) Where the value of the property is in excess of $40,000, the exemption shall be <br /> the amount of 40,000. <br /> Provided: <br /> (A) That no such exemption shall be allowed to any corporation, <br /> co-partnership, or company; <br /> (B) That the exemption shall not be allowed on more than one home for any <br /> one taxpayer; <br /> <br />