Definitions

1   In this Act:

"assessed value" means the assessed value determined under the Assessment Act;

"designated Act" means the Assessment Authority Act, the British Columbia Transit Act, the Community Charter, the Hospital District Act, the Islands Trust Act, the Local Government Act, the Municipal Finance Authority Act, the Police Act, the School Act, the South Coast British Columbia Transportation Authority Act, the Taxation (Rural Area) Act, the University Endowment Land Act or the Vancouver Charter;

"eligible property" means land that, with its improvements,

(a) is used to provide overnight accommodation to guests, and

(b) comes within a class of property designated under section 3 (2) (a),

and includes a campground, recreational vehicle park or trailer park that comes within a class of property designated under that section;

"improvements" has the same meaning as in the Assessment Act;

"land" has the same meaning as in the Assessment Act;

"rural area" has the same meaning as in the Assessment Act;

"strata lot" has the same meaning as in the Strata Property Act;

"strata plan" has the same meaning as in the Strata Property Act.

Reduction in assessed value for eligible property located in municipality

2   (1) Subject to subsection (2), if an eligible property is located in a municipality, the assessed value of the eligible property, for the purpose of its taxation under a designated Act, is to be reduced by the smaller of the following amounts:

(a) $150 000 less 15% of the amount by which the assessed value is over $2 000 000;

(b) 50% of the assessed value.

(2) If an eligible property referred to in subsection (1) is a strata lot that is included in a strata plan, the assessed value of the eligible property, for the purpose of its taxation under a designated Act, is to be reduced by the amount determined by the following formula:

A = B		C
		D

(3) If the amount determined under subsection (1) or (2) in respect of an eligible property is a negative amount, no change is to be made in the assessed value of the eligible property.

Reduction in assessed value for eligible property located in rural area

2.1   (1) Subject to subsection (2), if an eligible property is located in a rural area, the assessed value of the eligible property, for the purpose of its taxation or determining the amount of a requisition, as applicable, under a designated Act, is to be reduced by the smaller of the following amounts:

(a) $500 000 less 15% of the amount by which the assessed value is over $4 000 000;

(b) 50% of the assessed value.

(2) If an eligible property referred to in subsection (1) is a strata lot that is included in a strata plan, the assessed value of the eligible property, for the purpose of its taxation or determining the amount of a requisition, as applicable, under a designated Act, is to be reduced by the amount determined by the following formula:

A = B		C
		D

(3) If the amount determined under subsection (1) or (2) in respect of an eligible property is a negative amount, no change is to be made in the assessed value of the eligible property.

Application of section 2.1 to treaty lands and Nisg̱a'a Lands

2.2   (1) If, under section 16 (1) (a) of the Treaty First Nation Property Taxation Enabling Act, a law of a treaty first nation has adopted the Assessment Act and the regulations under it, section 2.1 of this Act applies for the purpose of taxation of an eligible property located in the treaty lands of a treaty first nation as if the Treaty First Nation Property Taxation Enabling Act were a designated Act.

(2) If, under section 77 (1) (a) of the Nisg̱a'a Final Agreement Act, a law of the Nisg̱a'a Nation has adopted the Assessment Act and the regulations under it, section 2.1 of this Act applies for the purpose of taxation of an eligible property located in Nisg̱a'a Lands as if the Nisg̱a'a Final Agreement Act were a designated Act.

Power to make regulations

3   (1) The Lieutenant Governor in Council may make regulations referred to in section 41 of the Interpretation Act.

(2) Without limiting subsection (1), the Lieutenant Governor in Council may make regulations as follows:

(a) designating as an eligible class of property for the purposes of this Act a class of property prescribed under section 19 of the Assessment Act;

(b) prescribing, with respect to one or more classes of property, the method or order of calculating the amount by which the assessed value of eligible property in that class is reduced under section 2 (1) or (2) or 2.1 (1) or (2).