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.

Certified correct as passed Third Reading on the 15th day of July, 1993
Ian D. Izard, Law Clerk.

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 definitions:

"farm outbuildings" means improvements, other than a residence, that are on land classified as a farm under the Assessment Act and that are used in connection with the farm operation;

"residential value" means the value of property, other than farm outbuildings, that is classified under the Assessment Act as Class 1 property; .

(a) the net taxable residential value for school purposes of an eligible residence as assessed under the Assessment Act, or

(b) the amount determined under subsection (2.3) for an eligible residence 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.

(2.3) If an eligible residence consists of the owner's principal residence and one or more other residences, the net residential value for school purposes of the eligible residence as assessed under the Assessment Act shall be divided for the purposes of subsection (2.2) by the total number of residences.

(2.4) In subsection (2.3), "other residence" means a detached house, cottage or other self-contained residential dwelling unit that has cooking, sleeping, bathroom and livingroom facilities, but does not include a suite or other accommodation in the owner's principal residence.

(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.

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

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

Transitional provision for the 1993 tax year

8 (1) Where the gross property taxes for the 1993 tax year have been paid on an eligible residence described in section 2 (2.3) of the Home Owner Grant Act before that section was enacted by section 3 of this Act, the person who was the owner of the eligible residence at the time the property taxes were paid may apply to the collector on or before December 31, 1993 for any amount that, as a result of section 2 (2.3) of the Home Owner Grant Act, that person is entitled to receive as a grant for that tax year.

(2) An application under subsection (1) must be made on the form approved by the grant administrator.

(3) Where the collector approves an application under subsection (1), the Minister of Finance and Corporate Relations shall pay the amount approved to the owner out of the consolidated revenue fund.

(4) In this section "collector" and "grant administrator" have the same meaning as in the Home Owner Grant Act.

Commencement

9 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.