Section 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.Haw. Code R. § 15-308-107
[Eff 1/15/2022] (Auth: HRS § 201H-4) (Imp: HRS § 201H-47)