Section 1 definition of "municipal property value taxes" BEFORE amended by BC Reg 236/2011, effective December 14, 2011.
"municipal property value taxes" means,
(a) in the case of a municipality other than the City of Vancouver, property value taxes for which rates are established under section 197 (1) (a) [municipal property value taxes] of the Community Charter;
(b) in the case of the City of Vancouver, property value taxes imposed under section 373 [rating by-law], section 459 [business improvement area levies] or Part XXIV [Local Improvements] of the Vancouver Charter;
Section 2 (3) BEFORE amended by 2007-1-14(a), effective March 12, 2007 (Royal Assent).
(3) Subject to section 6 [retroactive regulations for 2004 taxation year], in order to be effective under section 3 or 4 for a taxation year, a regulation under subsection (1) must be in force on or before October 31 in the preceding year.
Section 2 (3) BEFORE amended by 2010-2-90(a), effective March 31, 2010 (Royal Assent).
(3) Subject to subsection (4) and section 6 [retroactive regulations for 2004 taxation year], in order to be effective under section 3 or 4 for a taxation year, a regulation under subsection (1) must be in force on or before October 31 in the preceding year.
Section 2 (4) (part) BEFORE amended by 2010-2-90(b), effective March 31, 2010 (Royal Assent).
(4) If property
Section 3 (2) BEFORE amended by 2008-10-83, effective May 1, 2008 (Royal Assent).
(2) Subsection (1) applies only to the 2004 through 2008 taxation years.
Section 3 (2) BEFORE repealed by 2014-4-39, effective March 24, 2014 (Royal Assent).
(2) Subsection (1) applies only to the 2004 through 2018 taxation years.
Section 4 (2) BEFORE amended by 2008-10-84, effective May 1, 2008 (Royal Assent).
(2) New investment in improvements is eligible for a municipal tax rate restriction under this section only if it is in relation to improvements whose assessed value is included in an assessment roll for one or more of the 2005 through 2009 taxation years.
Section 4 (2) BEFORE amended by 2014-4-40, effective March 24, 2014 (Royal Assent).
(2) New investment in improvements is eligible for a municipal tax rate restriction under this section only if it is in relation to improvements whose assessed value is included in an assessment roll for one or more of the 2005 through 2019 taxation years.
Section 4.1 was enacted by 2020-18-58, effective January 1, 2020 [retro from August 14, 2020 (Royal Assent)].
Section 5 (1) BEFORE amended by 2008-10-85, effective May 1, 2008 (Royal Assent).
(1) If property in a municipality listed below is designated for the purposes of section 3, then, for the purpose of compensating the municipality in relation to the municipal tax rate restriction under that section, the minister must pay out of the consolidated revenue fund to that municipality, in accordance with subsection (2), the amount indicated opposite the name of the municipality:
Section 5 BEFORE repealed by 2010-2-91, effective March 31, 2010 (Royal Assent).
Compensation to local governments for taxation years 2004 to 2008
5 (1) If property in a municipality listed below is designated for the purposes of section 3, then, for the purpose of compensating the municipality in relation to the municipal tax rate restriction under that section with respect to the 2004 through 2008 taxation years, the minister must pay out of the consolidated revenue fund to that municipality, in accordance with subsection (2), the amount indicated opposite the name of the municipality:
| Municipality | Annual payment |
| The Corporation of Delta | $291 240 |
| The Corporation of the City of North Vancouver | $1 254 813 |
| The Corporation of the District of North Vancouver | $709 324 |
| City of Port Moody | $494 005 |
| City of Prince Rupert | $1 383 536 |
| District of Squamish | $345 144 |
| City of Vancouver | $41 616 |
(2) A payment under subsection (1) is to be made in the first taxation year for which the property is designated and for the subsequent taxation years in which it is designated, ending with the 2008 taxation year.
Section 5.1 (2) (b) BEFORE amended by 2014-4-41, effective March 24, 2014 (Royal Assent).
(b) with respect to the 2010 to 2018 taxation years, the minister must pay out of the consolidated revenue fund to that municipality, in accordance with subsection (4), an annual payment for each taxation year determined by the following formula:
Section 5.1 (4) BEFORE amended by 2014-4-41, effective March 24, 2014 (Royal Assent).
(4) A payment under subsection (2) is to be made in each taxation year for which the property is designated, ending not later than the 2018 taxation year.
Section 5.1 (2) (a) BEFORE amended by 2021-18-55(a), effective June 17, 2021 (Royal Assent).
(a) with respect to the 2009 taxation year, the minister must pay out of the consolidated revenue fund to that municipality, in accordance with subsection (4), the amount indicated opposite the name of the municipality multiplied by (1 + inflation adjustment) and, rounded to the nearest dollar or, if equidistant from 2 dollar amounts, to the higher nearest dollar:
| Municipality | Annual Payment |
| The Corporation of Delta | $313 704 |
| The Corporation of the City of North Vancouver | $1 351 600 |
| The Corporation of the District of North Vancouver | $764 036 |
| City of Port Moody | $532 109 |
| City of Prince Rupert | $1 490 251 |
| District of Squamish | $371 766 |
| City of Vancouver | $44 826 |
| where | ||
| inflation adjustment | = | subject to subsection (3), a number calculated in accordance with the following formula, rounded to the nearest one-thousandth or, if the result obtained is equidistant from 2 consecutive one-thousandths, to the higher one-thousandth: |
| CPI for the 2008 taxation year | – 1 |
| CPI for the 2007 taxation year | |
| and | |
Section 5.1 (2) (b) (part) BEFORE amended by 2021-18-55(b), effective June 17, 2021 (Royal Assent).
(b) with respect to the 2010 and subsequent taxation years, the minister must pay out of the consolidated revenue fund to that municipality, in accordance with subsection (4), an annual payment for each taxation year determined by the following formula:
Section 5.1 (3) BEFORE amended by 2021-18-55(c), effective June 17, 2021 (Royal Assent).
(3) If the inflation adjustment calculated under subsection (2) (a) or (b) is less than zero, the inflation adjustment is deemed to be equal to zero.
Section 6 BEFORE repealed by 2010-2-91, effective March 31, 2010 (Royal Assent).
Retroactive regulations for 2004 taxation year
6 (1) The Lieutenant Governor in Council may make regulations under
(a) section 2 of this Act, or
(b) section 223 [exemptions under regulations] of the Community Charter in relation to eligible port property
retroactive to the extent necessary to apply for the purposes of the 2004 taxation year.
(2) A regulation may not be made under subsection (1) after December 31, 2004.
Section 7 BEFORE repealed by 2010-2-91, effective March 31, 2010 (Royal Assent).
Amendment of 2004 tax rates
7 Despite the Community Charter and the Vancouver Charter, in relation to a regulation under section 2 that applies to the 2004 taxation year, a municipality may, at any time in that taxation year, amend its municipal property value tax rates for that taxation year in order to comply with that section.