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COUNTY OF HAWAII <br />ORDINANCE NO. <br />STATE OF HAWAII <br />BILL NO. 256 <br />AN ORDINANCE AMENDING CHAPTER 19, ARTICLE 7 TAX MAP; VALUATIONS, <br />OF THE HAWAII COUNTY CODE 1983 (2005 EDITION, AS AMENDED), RELATING <br />TO VALUATIONS; CONSIDERATIONS IN FIXING. <br />BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br />SECTION 1. The purpose of this measure is to modify the Hawaii County Code to <br />include the income approach as consideration in the valuation of taxable real property. <br />SECTION 2. Chapter 19, Article 7, Section 19 -53 of the Hawaii County Code 1983 <br />(2005 edition, as amended), is hereby amended to read as follows: <br />Section 19 -53. Valuation; considerations in fixing. <br />(a) Except as provided below, the director of finance shall cause the market <br />value of all taxable real property to be determined and annually assessed <br />by the market data, income and cost approaches to value using appropriate <br />systematic methods suitable for mass valuation of properties for taxation <br />purposes, so selected and applied to obtain, as far as possible, uniform and <br />equalized assessments throughout the County. In making such <br />determination and assessment, the director shall separately value and <br />assess within each class established in accordance with subsection (e) of <br />this section: <br />(1) Buildings. <br />In determining the value of buildings, consideration shall be given <br />to any additions, alterations, remodeling, modifications or other <br />new construction, improvement or repair work undertaken upon <br />or made to existing buildings as the same may result in higher <br />assessable valuation of said buildings. <br />(2) All other real property, exclusive of buildings. <br />Exception. The value of land classified and used for agriculture as <br />determined pursuant to section 19 -57 or 19 -60 shall be the value of <br />such land for such agricultural use without regard to any value that <br />