2305b

(a) The Tax Assessor shall determine the percentage of real property the federal government owns on each island at the time the assessment of residential real property under section 2402(a) is made and shall grant a tax credit in that percentage against the taxes levied on the residential real property of an eligible real property owner. The credit, as determined, for a particular island, must be applied only to property located on that island when requested by an eligible real property owner.\n(b) As used in subsection (a), 'eligible real property owner' means a real property owner who is eligible for a homestead exemption under this chapter and whose real property does not exceed $750,000 in assessed value.