HRS §53-14
Agency property tax exemption with limits
The redevelopment agency does not have to pay real property taxes on land or buildings it owns, but only for up to two years after it gets them. If the agency earns income from the property, the exemption does not apply.
state agencies
The statute, as written — Agency exempt from real property taxes
The redevelopment agency shall be exempt from real property taxes upon any of its land or buildings so long as title is held by it, but not exceeding two years from the date of their acquisition; provided that the tax exemption shall not apply to any land or structure from which the agency is receiving an income.
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