This regulation applies to the 1984 and subsequent taxation years.
Improvements on a parcel of land that are classified as Class 4, 5 or 6 under the regulations under the Assessment Act are exempt from property tax levies under the Acts listed in the schedule to a maximum of $10 000 of their assessed value.
Notwithstanding subsection (1), where improvements referred to in subsection (1) are part of an eligible property, as defined in the Tourist Accommodation (Assessment Relief) Act, the exemption under subsection (1) shall be reduced by the amount of the reduction in assessed value of the improvements on the eligible property under that Act, and the reduction under this subsection applies notwithstanding that some or all of the exemption under subsection (1) would be applied to class 4 or class 5 improvements under section 3.
Where improvements on a parcel of land are classified as more than one of classes 4, 5 or 6, the exemption under section 2 shall be applied first against the portion of the assessed value contained in class 4, then against the portion of value contained in class 5 and finally against any remaining value contained in class 6.
Schedule [am. B.C. Reg. 372/2003, s. (b) (ii).]