§246-5  Imposition of real property taxes onreclassification.  A portion of real property taxes shall be imposed uponand paid by the owner or owners thereof when:

(1)  The property of the owner has been leased for aterm of fifteen years or more; and

(2)  The classification of the property has beenchanged to a classification of a higher use during the life of the lease; and

(3)  The classification to a higher use has occurredwithout the lessee, who occupies the property, petitioning for such higher classification.

Taxes which are imposed upon the owners ofproperty under this section shall be paid by the owner of such property withoutbeing transferred to the lessee who occupies the property and such tax shall bethe difference between the assessed valuation of the property after theclassification change times the applicable tax rate less the assessed valuationof the property as it existed prior to the classification change times theapplicable tax rate. [L 1965, c 201, §11; Supp, §128-4.5; HRS §246-5]