§246-19  Declassification.  Thirty days
after notification to the owner by the department of taxation for noncompliance
of any law, ordinance, rule, or regulation, the director of taxation may
declassify any land classified as wasteland development property.  The
department shall notify the owner of the declassification and in that event,
the director shall cancel the special tax assessment provided in section 246-18
retroactive to the date that the property qualified for special tax assessment
and the difference between the real property taxes that would have become due
and payable but for such classification for all the years the land was
classified as wasteland development property and the real property taxes paid
by the owner during such period shall become immediately due and payable
together with a five per cent a year penalty from the respective dates that
such additional tax would otherwise have been due. [L 1965, c 255, §8; Supp,
§128-9.37; HRS §246-19]