HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

1 Section 20 of the Assessment Act, R.S.B.C. 1996, c. 20, is amended

(a) in subsection (1) by adding the following definitions:

"eligible major industry property" means land and improvements that comprise property of the class described in subsection (3), or a portion of land and improvements that comprise that property, the actual value of which is directly affected by a local government's adoption of an official community plan under the Local Government Act;

"relevant year", in relation to eligible major industry property, means the year in which the official community plan described in the definition of "eligible major industry property" was adopted in respect of the property; , and

(b) by adding the following subsections:

(8) Despite sections 18 (2) and 19 respecting actual value, but subject to subsections (9) and (12) of this section, if the assessor receives, on or before December 31 in the relevant year, from the owner and occupier of eligible major industry property, a notice in the form prescribed by the assessment authority that, during the 2 taxation years following the relevant year, the owner and occupier intends

(a) to operate the industrial improvements on the eligible major industry property as a going concern, and

(b) to use the eligible major industry property for the same purpose and at an equivalent or greater level of production as at the time the notice is given,

the actual value of the eligible major industry property, for the purpose of the assessment roll for the 2 taxation years following the relevant year, must be determined by taking into consideration only the actual use of the land and improvements that comprise the eligible major industry property and not taking into consideration any other use to which the land or improvements could be put.

(9) If, after completing an assessment roll for a taxation year referred to in subsection (8), the assessor determines that, at any time before December 31 in that year, the operation or use of eligible major industry property for which notice was given under that subsection is not consistent with the operation or use described in the notice, the assessor must

(a) determine the actual value of the eligible major industry property in accordance with subsection (4), and

(b) reassess the eligible major industry property by means of an entry on a supplementary assessment roll.

(10) If, on or before October 31 in the later of the 2 taxation years referred to in subsection (8), the assessor receives, from the owner and occupier of eligible major industry property for which notice was given under that subsection, a notice in the form prescribed by the assessment authority that, during one or more subsequent taxation years, the owner and occupier intends

(a) to operate the industrial improvements on the eligible major industry property as a going concern, and

(b) to use the eligible major industry property for the same purpose and at an equivalent or greater level of production as at the time notice was given under subsection (8),

the Lieutenant Governor in Council, by order made on or before December 31 in the later of the 2 taxation years referred to in subsection (8), may extend the application of that subsection to the eligible major industry property for one or more subsequent taxation years, as specified in the order.

(11) If an order is made under subsection (10) in respect of eligible major industry property for a taxation year,

(a) despite sections 18 (2) and 19 respecting actual value, but subject to paragraph (b) of this subsection, the actual value of the eligible major industry property for the purpose of the assessment roll for the taxation year must be determined in accordance with subsection (8) of this section, and

(b) subsection (9) applies in relation to the eligible major industry property for the taxation year.

(12) Notice may be provided under subsection (8) or (10) only once in relation to an eligible major industry property.

Commencement

2  This Act comes into force on the date of Royal Assent.

 
Explanatory Note

SECTION 1: [Assessment Act, section 20] provides for actual value of eligible major industry property to be based on actual use in described circumstances.