Hawaii Revised Statutes 46-112 – Tax on leased redevelopment property
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Terms Used In Hawaii Revised Statutes 46-112
- agency: means an agency defined in § 53-1 or the Hawaii community development authority as established pursuant to chapter 206E. See Hawaii Revised Statutes 46-102
- Contract: A legal written agreement that becomes binding when signed.
- county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
- district: means a contiguous or noncontiguous geographic area designated pursuant to § 46-103 by the county council for the purpose of tax increment financing. See Hawaii Revised Statutes 46-102
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: means an individual, group, partnership, firm, association, corporation, trust, governmental agency, governmental official, administrative body, or tribunal or any form of business or legal entity. See Hawaii Revised Statutes 46-122
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Tax increment: means the amount of real property taxes levied for one year on the assessment increment. See Hawaii Revised Statutes 46-102
Whenever property in the tax increment district has been redeveloped and thereafter is leased by the county or redevelopment agency to any person or whenever the county or agency leases real property in any tax increment district to any person for redevelopment, the property shall be assessed and taxed in the same manner as privately owned property, and the lease or contract shall provide that the lessee shall pay taxes upon the assessed value of the entire property and not merely the assessed value of the lessee’s leasehold interest.