§246-18  Special tax assessment.  Anyproperty classified as wasteland development property by the director oftaxation shall be, for a period of five years, assessed for real property taxpurposes at its value as wasteland.  The five-year period shall commence fromJanuary 1 of the year following the approval of the application. [L 1965,c 255, §7; Supp, §128-9.36; HRS §246-18; am L 1969, c 170, §6; am L 1975, c157, §8]