Definition

1  In this regulation, "Act" means the Assessment Act.

 Interpretation of Schedule

2  In the Schedule,

(a) an assessment roll number set out in Column 1 of the Schedule is the number on an assessment roll prepared by the British Columbia Assessment Authority for the taxation year set out opposite in Column 2, and

(b) the municipality and terminal names are listed for ease of reference only and do not affect the designation by assessment roll number.

 Designated port land and actual value

3  (1)  The land identified by the assessment roll numbers listed in Column 1 of the Schedule is designated as port land for the purposes of section 20.3 [special valuation rules for designated port land] of the Act.

(2)  The actual value prescribed for designated port land listed in Column 1 is, for the taxation year set out opposite in Column 2 of the Schedule, set out opposite in Column 3 of the Schedule.

(3)  This section is retroactive to the extent necessary to apply for the purposes of the 2007 taxation year in relation to the land referred to in subsection (1) for which the 2007 taxation year is set out opposite in Column 2 of the Schedule.

 Actual value for 2008 and subsequent taxation years

4  (1)  In this section, "consumer price index" means the All-Items Consumer Price Index (Not Seasonally Adjusted) for British Columbia, published by Statistics Canada.

(2)  For taxation years subsequent to the taxation year for which the actual value is prescribed under section 3, the actual value of designated port land for a taxation year is the actual value determined by the following formula:

(3)  For the purpose of applying subsection (2) in respect of the 2010 taxation year, the reference in the description of inflation adjustment to "for July of the year in which the assessment roll is completed from July of the previous year" is to be read as "for July 2009 from July 2007".

[am. B.C. Reg. 276/2009, s. 1.]