ORD 2014-097 2012-2014 - Laserfiche WebLink

Home

JMt',GF,,,,1 . COUNTY OF HAWAI` it ; STATE OF HAWAII ATE Oi N►'� BILL NO. 256 ORDINANCE NO. -4 97 AN ORDINANCE AMENDING CHAPTER 19,ARTICLE 7 TAX MAP; VALUATIONS, OF THE HAWAII COUNTY CODE 1983 (2005 EDITION,AS AMENDED),RELATING TO VALUATIONS; CONSIDERATIONS IN FIXING. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. The purpose of this measure is to modify the Hawai`i County Code to include the income approach as consideration in the valuation of taxable real property. SECTION 2. Chapter 19, Article 7, Section 19-53 of the Hawai`i County Code 1983 (2005 edition, as amended), is hereby amended to read as follows: Section 19.53. Valuation; considerations in fixing. (a) Except as provided below, the director of finance shall cause the market value of all taxable real property to be determined and annually assessed by the market data, income and cost approaches to value using appropriate systematic methods suitable for mass valuation of properties for taxation purposes, so selected and applied to obtain, as far as possible, uniform and equalized assessments throughout the County. In making such determination and assessment, the director shall separately value and assess within each class established in accordance with subsection (e) of this section: (1) Buildings. • In determining the value of buildings, consideration shall be given to any additions, alterations, remodeling, modifications or other new construction, improvement or repair work undertaken upon or made to existing buildings as the same may result in higher assessable valuation of said buildings. (2) All other real property, exclusive of buildings. Exception. The value of land classified and used for agriculture as determined pursuant to section 19-57 or 19-60 shall be the value of such land for such agricultural use without regard to any value that