§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]