Section 1 definition of "year of designation" BEFORE repealed by BC Reg 308/2010, effective October 21, 2010.
"year of designation", in relation to property that is designated for the purposes of section 4 of the Act, means
(a) for property designated under section 2 (4) [designation of Crown land that becomes held or occupied by others] of the Act, the taxation year for which the supplementary roll referred to in that section was prepared,
(b) for other property that is designated on or before October 31, the year in which the property is designated, and
(c) for other property that is designated after October 31 but before December 31 of the same calendar year, the year following the year in which the property is designated.
Section 1 definition of "first year of designation" was added by BC Reg 308/2010, effective October 21, 2010.
Section 1 definition of "assessed value of improvements" BEFORE amended by BC Reg 308/2010, effective October 21, 2010.
"assessed value of improvements" means the value calculated in accordance with the following formula:
| A - UF - I + D + UFD + ID - AD |
where
A = the assessed value of taxable Class 4 improvements under the Assessment Act on the revised assessment roll of a taxation year, subject to any final determination;
UF = the portion of A determined by applying, in accordance with the MIPM, the update factor for that taxation year;
I = the portion of A determined by applying, in accordance with the MIPM, the interest factor for that taxation year;
D = the amount of depreciation deducted in accordance with the MIPM to arrive at the value of A;
UFD = a value determined by applying, in accordance with the MIPM, the update factor for the year of designation to the value of A - UF - I + D;
ID = a value determined by applying, in accordance with the MIPM, the interest factor for the year of designation to the value of A - UF - I + D + UFD;
AD = an amount of depreciation calculated in accordance with the MIPM with respect to the value of A - UF - I + D + UFD + ID;
Section 1 definition of "baseline value" BEFORE amended by BC Reg 308/2010, effective October 21, 2010.
"baseline value" means the assessed value of improvements in the year of designation;
Section 1 definition of "current taxation year" BEFORE amended by BC Reg 215/2014, effective November 24, 2014.
"current taxation year" means the taxation year within the period 2005 through 2019 for which the value of new investment in improvements is determined under section 2;
Section 2 BEFORE amended by BC Reg 215/2014, effective November 24, 2014.
Property tax rate cap on new investment in port facilities
2 New investment in improvements on property described in sections 4 (1) (a) and (b) of the Act is subject to the maximum municipal tax rate set out in section 4 (1) of the Act for the period set out in section 4 (4) of the Act, if the assessed value of the improvements is included in an assessment roll during the period set out in section 4 (2) of the Act.
Section 3 (1) (b) BEFORE amended by BC Reg 308/2010, effective October 21, 2010.
(b) the taxation year following the year of designation and each of the subsequent taxation years within the period up to the current taxation year.
Section 3 (5) BEFORE amended by BC Reg 308/2010, effective October 21, 2010.
(5) An amount determined under subsection (2) is to be adjusted for the incremental change in the update factor and for depreciation by multiplying that amount by the following:
| [(CU/DU) (1 - 0.05 Y)] |
where
CU = the current update factor;
DUB = the update factor in the year of designation;
Y = the number of years by which the taxation year for which the amount is being determined under subsection (1) (a) or (b) precedes the current taxation year.
Section 3 (1) and (2) BEFORE amended by BC Reg 215/2014, effective November 24, 2014.
(1) Subject to this section, for the purposes of section 4 of the Act, the value of new investment in improvements, for any of the 2005 through 2019 taxation years, is the sum of the amounts determined by completing the calculation set out in subsection (2) for
(a) the current taxation year, and
(b) the taxation year following the first year of designation and each of the subsequent taxation years within the period up to the current taxation year.
(2) The amounts for the purposes of subsection (1) for any of the 2005 through 2019 taxation years are to be determined in accordance with the following calculation:
| (AVI - AVIP) - (B - AVIP) |
AVI = the assessed value of improvements for that year;
AVIP = the assessed value of improvements for the previous year;
B = the baseline value.
Section 3 (6) BEFORE repealed by BC Reg 215/2014, effective November 24, 2014.
(6) For a taxation year within the period set out in section 4 (4) of the Act, but after the 2019 taxation year, the value of new investment in improvements on property is the sum of the amounts
(a) determined under subsection (2) for each of the years within the period referred to in subsection (1) that the property was designated, and
(b) adjusted in accordance with subsection (5) for each year within the period referred to in section 4 (4) of the Act.