Reduction in actual value for supportive housing property

1   For the purposes of section 20.4 (1) of the Assessment Act, the amount established for a property is the amount that is equal to the actual value otherwise determined under the Assessment Act for the property less $2.

Actual value of land and improvements

2   For the purposes of entry on the assessment roll, the actual value of land and improvements that are designated as supportive housing property is as follows:

(a) the actual value of the land is 50% of the actual value of the designated supportive housing property;

(b) the actual value of the improvements is 50% of the actual value of the designated supportive housing property.