Any taxpayer or owner who may deem the taxpayer or owner aggrieved by an assessment made by the director or by the director’s refusal to allow any exemption, may appeal from the assessment or from such refusal to the board of review or the tax appeal court pursuant to HRS § 232-16 on or before January 15 preceding the tax year, as provided in this article. Where such an appeal is based upon the ground that the assessed value of the real property for tax purposes is excessive, the valuation claimed by the taxpayer or owner in the appeal shall be admissible in evidence, in any subsequent condemnation action involving the property, as an admission that the fair market value of the real property as of the date of assessment is no more than the value arrived at when the assessed value from which the taxpayer or owner appealed is adjusted to 100 percent fair market value; provided that such evidence shall not in any way affect the right of the taxpayer or owner to any severance damages to which the taxpayer or owner may be entitled.
(Sec. 8-12.1, R.O. 1978 (1987 Supp. to 1983 Ed.)) (1990 Code, Ch. 8, Art. 12, § 8-12.1) (Am. Ords. 96-15, 97-55)