Hawaii Revised Statutes 46-105 – Collection of tax increments
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Terms Used In Hawaii Revised Statutes 46-105
- Adjustment rate: means a percentage rate or rates of adjustment of the assessment base determined by the director of finance at the time the tax increment district is established, based on the historical and projected increases to the assessed values of taxable real property within the boundary of the tax increment district and the projected cost increases to the county for servicing the new developments within the tax increment district. See Hawaii Revised Statutes 46-102
- Assessment base: means the total assessed values of all taxable real property in a tax increment district as most recently certified by the director of finance on the date of creation of the tax increment district. See Hawaii Revised Statutes 46-102
- Assessment increment: means the amount by which the current assessed values of taxable real property located within the boundaries of a tax increment district exceeds its assessment base. See Hawaii Revised Statutes 46-102
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Principal: means a person who has entered into a development agreement pursuant to the procedures specified in this chapter, including a successor in interest. 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
- Tax increment fund: means a fund which shall be held by the director of finance or other fiduciary designated by the county council and into which all tax increments and other moneys pledged by the county for payment of tax increment bonds are paid, and all proceeds from the sale of tax increment bonds are deposited, and from which moneys are disbursed to pay project costs for the tax increment district or to satisfy claims of holders of tax increment bonds issued for the district. See Hawaii Revised Statutes 46-102