BILL 29 -- 1993: PROPERTY TAXATION STATUTES AMENDMENT ACT (No. 2), 1993

The following electronic version is for informational purposes only.
The printed version remains the official version.

BILL 29 -- 1993

PROPERTY TAXATION STATUTES AMENDMENT ACT (No. 2), 1993

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

Assessment Act

1 Section 80 of the Assessment Act, R.S.B.C. 1979, c. 21, is amended by adding the following subsection:

(5) Notwithstanding subsection (3), at any time before September 1, 1993, regulations may be made under subsection (1) (a.2) that are retroactive to the extent necessary to give them effect for the purposes of assessment and taxation in the 1993 taxation year.

Home Owner Grant Act

2 Section 1 of the Home Owner Grant Act, S.B.C. 1980, c. 18, is amended by adding the following definition:

"residential value" means the value of property that is classified under the Assessment Act as Class 1 property; .

(2.2) Notwithstanding subsections (1) and (2), if the net taxable residential value for school purposes of an eligible residence as assessed under the Assessment Act exceeds $400 000, the amount of the grant shall be reduced at the rate of $10 for every $1 000 of residential value in excess of $400 000.

(3.2) Notwithstanding subsections (1) to (3), if the net taxable residential value for school purposes of an eligible apartment as assessed under the Assessment Act exceeds $400 000, the amount of the grant shall be reduced at the rate of $10 for every $1 000 of residential value in excess of $400 000. , and

(4) For the purposes of determining the amount that an owner is entitled to under subsections (2), (3) and (3.2), the owner shall ascertain

(a) the amount of the current year taxes applicable to each eligible apartment and that amount shall be the "Current Year Taxes" referred to in Schedules 1 and 2, and

(3.2) Notwithstanding subsections (1) to (3), if the net taxable residential value for school purposes of an eligible land cooperative residence as assessed under the Assessment Act exceeds $400 000, the amount of the grant shall be reduced at the rate of $10 for every $1 000 of residential value in excess of $400 000. , and

(4) For the purposes of determining the amount that an owner is entitled to under subsections (2), (3) and (3.2), the owner shall ascertain

(a) the amount of the current year taxes applicable to each eligible land cooperative residence and that amount shall be the "Current Year Taxes" referred to in Schedules 1 and 2, and

(b) the net taxable residential value applicable to each eligible land cooperative residence.

(3.2) Notwithstanding subsections (1) to (3), if the net taxable residential value for school purposes of an eligible multi dwelling leased parcel residence as assessed under the Assessment Act exceeds $400 000, the amount of the grant shall be reduced at the rate of $10 for every $1 000 of residential value in excess of $400 000. , and

(4) For the purposes of determining the amount that an owner is entitled to under subsections (2), (3) and (3.2), the owner shall ascertain

(a) the amount of the current year taxes applicable to each eligible multi dwelling leased parcel residence in respect of improvements only and that amount shall be the "Current Year Taxes" referred to in Schedules 1 and 2, and

(b) the net taxable residential value applicable to each eligible multi dwelling leased parcel residence in respect of improvements only.

SCHEDULE 1

Current Year Taxes	Amount of Grant
$820 or more	$470
Less than $820	Current Year Taxes minus $350

SCHEDULE 2

Current Year Taxes	Amount of Grant
$845 or more	$745
Less than $845	Current Year Taxes minus $100

Commencement

8 Sections 2 to 7 shall be deemed to have come into force on January 1, 1993 and are retroactive to the extent necessary to give them effect on and after that date.