Market Stats Council Member Carol Fukunaga introduced Bill 67 to create a real property tax exemption for business property affected by the construction of the Honolulu High-Capacity Transit Project, or Rail.
This “Transit Mitigation” bill would apply to business property affected by Honolulu High-Capacity Transit Project construction, which includes any real property that is actively used for an industrial or commercial business, has a land area of less than 10,000 square feet and is within either a transit-oriented development district or one-half mile of the project. The exemption from real property taxes for business property affected by the rail project construction is 50 percent of the assessed value.
An application for this exemption must be filed annually with the city. The applicant must demonstrate that the business or businesses on the property have suffered in aggregate at least a 50 percent decrease in annual gross income due to construction impacts from the project when compared with gross income for the business or businesses for the year immediately preceding the first year for which the exemption is granted.
