Fee
Simple
Fee simple ownership is probably the most familiar form of
property ownership to buyers of residential property, especially on
the US Mainland. Fee simple is sometimes called fee simple absolute
because it is the most complete form of ownership. A fee simple buyer
acquires ownership of the entire property, including both the land and
buildings. The fee simple owner does not pay ground rent, but does pay
maintenance fees and real property taxes. The fee simple owner has the
right to possess, use the land and dispose of the land as he wishes -
sell it, give it away, trade it for other things, lease it to others,
or pass it to others upon death. |
Leasehold
A leasehold interest is created when a fee simple landowner
enters into an agreement or contract called a ground lease with a
lessee. A lessee buys leasehold rights much as one buys fee simple
rights; however, the leasehold interest differs from the fee simple
interest in several important respects. First, the buyer of
residential leasehold property does not own the land and must pay
ground rent. Second, his use of the land is limited to the remaining
years covered by the lease. Thereafter, the land returns to the lessor,
and is called reversion. Depending on the provisions of any
surrender clause in the lease, the buildings and other improvements on
the land may also revert to the lessor. Finally, the use, maintenance,
and alteration of the leased premises are subject to any restrictions
contained in the lease.
Conversion of leasehold
property to fee simple ownership involves purchasing the landowner's
remaining interest, called the leased fee interest. The lessors
of many, if not most, leasehold properties are currently offering to
sell their leased fee interests to their lessees or prospective buyers
of a leasehold property. There is a State of Hawaii law and a City
& County of Honolulu (Oahu) ordinance affecting the mandatory
conversion of residential leasehold properties.
COTENANCY - A general
term covering both joint tenancy and
tenancy in common.
TENANCY IN COMMON — An undivided ownership in
real estate by
two or more persons. The interest need not
be equal, and, in the event of the death of one of the owners, no right of survivorship
in the other owners exist.
JOINT TENANCY —
An undivided interest
in property, taken
by two or more joint tenants.
The interests must be equal, accuring under the same conveyance, and
beginning at the same time. Upon the death of a joint tenant, the
interest passes
to the surviving joint tenants,
rather than to the heirs of the deceased.
TENANCY BY THE ENTIRETY - A form of ownership by
husband and
wife whereby each
owns the entire property. In the
event of the death of one, the survivor owns the property without
probate.
TENANT IN SEVERALTY - One who owns property alone,
without any other person being joined in said ownership
Additional
Dwelling Units
– Simple Formulas
to remember as provided by the County Planning Department. The
Additional Dwelling Unit Facilities Clearance Form is available at
the Planning Department.
Residential
Density on Agriculture Zone Land – No more than one (1)
single family detached dwelling unit per three (3) acres of land
shall be permitted when the parcel is located within an area
designated Urban or Rural by the State Land Use Commission, and no
more than one (1) single family detached dwelling unit per five (5)
acres of land shall be permitted when the parcel is located within
an area designated as “agriculture” by the State Land Use
Commission, provided that the provisions of this Article 8-8.5 shall
not prohibit the construction or maintenance of one (1) single
family detached dwelling
1 acre = 1 unit
4 acres = 2 units
7 acres = 3 units
10 acres = 4 units
13 acres = 5 units
State Land Use
Commission Agriculture Zone – Open District
1 unit per 5 acres
Dwelling Unit
means any building or any portion designed or intended for occupancy
by one (1) family or persons living together providing complete
living facilities within the unit for sleeping, recreation, eating
and sanitary including installed equipment for only one (1)
kitchen. Any building or portion thereof that contains more than
one (1) kitchen shall constitute as many dwelling units as there are
kitchens.
2004 REAL
PROPERTY TAX RATES (as of 1/19/2005)
| (Per
$1,000 Net Assessed Valuation)
|
Building |
Land |
| Homestead |
$3.44 |
$4.00 |
| Single Family Residential |
$4.30 |
$5.14 |
| Apartment |
$7.95 |
$8.20 |
| Commercial |
$7.95 |
$8.20 |
| Industrial |
$7.95 |
$8.20 |
| Agricultural |
$4.30 |
$7.60 |
| Conservation |
$4.30 |
$8.10 |
| Hotel And Resort |
$7.95 |
$8.20 |
|
