Haw. Code R. § 15-308-107 - Determination of fair market value
(a) Whenever it is
necessary to determine the net appreciation of the property, the corporation
shall select an appraiser and order an appraisal of the fair market value of
the dwelling unit. The owner shall pay for the cost of the appraisal.
(b) Within ten business days upon receipt of
the appraisal, a written copy shall be provided to the owner. Should the owner
dispute the appraisal, the owner may obtain a second appraisal at the owner's
cost and expense.
(c) If the first
appraisal obtained by the corporation is not disputed, that appraisal shall be
used to determines the fair market value.
(d) If the owner disputes the first
appraisal, the second appraisal ordered by the owner shall be sent to the
corporation within the earlier of (1) ten business days upon receipt, or (2)
forty-five calendar days after the first appraisal is received from the
corporation.
(e) If the second
appraisal is lower than the first appraisal, the fair market value used shall
be one-half of the sum of the two appraisals.
(f) If the second appraisal is not lower, the
corporation's first appraisal shall be used to determine the fair market
value.
(g) All appraisals shall be
made by a qualified appraiser as defined in this chapter.
Notes
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