66_91 — Residential Flat Rate Tax Regulation

s. 1 — Interpretation

In this regulation:

s. 1 — Act

Act means the Local Government Act;

s. 1 — Charter

Charter means the Vancouver Charter;

s. 1 — flat rate tax

flat rate tax means tax imposed on residential property under section 273.2 (1) of the Act 1 or section 374.3 (1) of the Charter;

s. 1 — municipality

municipality has the same meaning as in section 1 of the Act, except that it includes the City of Vancouver;

s. 1 — parcel of real property

parcel of real property includes a manufactured home that is assessable and taxable under section 2 or 3 of the Manufactured Home Tax Act.

s. 1 — residential tax

residential tax means tax imposed on residential property under

s. 1(a)

sections 331 (1) (a) and (b), 332 and 273.2 1 of the Act, or

s. 1(b)

sections 373, 374.2 and 374.3 of the Charter;

s. 1 — residential property

residential property means any property classified as class 1 property under section 19 of the Assessment Act.

s. 2 — System of classification

s. 2(1)

For the purposes of section 273.2 (1) (b) of the Act 1 and section 374.3 (1) (a) of the Charter, all residential property within a municipality may be divided into a maximum of 10 geographic area classes each of which contains at least 10% of the total number of residential parcels of real property within the municipality.

s. 2(2)

Any geographic area class may itself be classified into a maximum of 5 residential land use classes each of which may be further classified on the basis of whether or not property within it is vacant land.

s. 2(3)

No class of any type may contain fewer than 20 parcels of real property.

s. 3 — Relationship between the amount of property value tax and the amount of flat rate tax

The maximum amount that a municipality may raise from the flat rate tax in any year is the greater of the following amounts:

s. 3(a)

an amount equal to that percentage of the total amount of residential tax that the municipality raised from the flat rate tax in 1990;

s. 3(b)

an amount equal to 40% of the total amount of residential tax raised by the municipality in that year.