§246-5 Imposition of real property taxes on reclassification. A portion of real property taxes shall be imposed upon and paid by the owner or owners thereof when:
(1) The property of the owner has been leased for a term of fifteen years or more; and
(2) The classification of the property has been changed to a classification of a higher use during the life of the lease; and
(3) The classification to a higher use has occurred without the lessee, who occupies the property, petitioning for such higher classification.
Taxes which are imposed upon the owners of property under this section shall be paid by the owner of such property without being transferred to the lessee who occupies the property and such tax shall be the difference between the assessed valuation of the property after the classification change times the applicable tax rate less the assessed valuation of the property as it existed prior to the classification change times the applicable tax rate. [L 1965, c 201, §11; Supp, §128-4.5; HRS §246-5]
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