329_96 — Taxation Rate Cap for Class 2 Property Regulation

s. 1 — Definitions

In this regulation:

s. 1 — class 2 property

class 2 property means class 2 property as defined in section 2 of B.C. Reg. 438/81, the Prescribed Classes of Property Regulation;

s. 1 — class 6 property

class 6 property means class 6 property as defined in section 6 of B.C. Reg. 438/81, the Prescribed Classes of Property Regulation;

s. 1 — general municipal revenue

general municipal revenue means

s. 1(a)

the municipal revenue referred to in section 197 (1) (a) of the Community Charter, and

s. 1(b)

for the City of Vancouver, revenue equivalent to municipal revenue referred to in section 197 (1) (a) of the Community Charter;

s. 1 — municipality

municipality means

s. 1(a)

as applicable, paragraph (a) or (b) of the definition of "municipality" in the Schedule to the Community Charter,

s. 1(b)

the City of Vancouver, or

s. 1(c)

the shíshálh Nation Government District.

s. 2 — General rule

In setting the tax or levy rate for class 2 property for general municipal purposes, a municipality must not exceed the greater of

s. 2(a)

$40 for each $1 000 of assessed value, and

s. 2(b)

2.5 times the rate applicable to class 6 property for general municipal purposes in the municipality for the same taxation year.

s. 3 — Exceptions to the general rule

s. 3(1)

Despite section 2, in setting the tax rate for class 2 property for general municipal purposes, the municipalities listed in Schedule 4 may not set a tax rate exceeding the greater of

s. 3(1)(a)

the value given to the right of the name of the municipality under the heading "Rate cap", and

s. 3(1)(b)

the value calculated as the product of the value to the right of the name of the municipality under the heading "Ratio cap" and the rate applicable to class 6 property in the municipality for the same taxation year.

s. 3(2)

Repealed. [B.C. Reg. 31/2008, s. (d).]

Schedule

Schedules 1 to 3 Repealed. [B.C. Reg. 31/2008, s. (e).]

Schedule

Schedule 4 [am. B.C. Reg. 409/98, s. 2.]