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

1 Section 19 of the Assessment Act, R.S.B.C. 1996, c. 20, is amended:

(a) in subsection (1) by striking out the period at the end of the definition of "strata accommodation property" and substituting a semicolon, and by adding the following definition:

"unused airspace" is that part of a property which has no improvement and only consists of the empty space located above property with an improvement. ,

(b) in subsection (14.1) by striking out the period at the end of paragraph (e) and substituting a semicolon, and by adding the following paragraph:

(e.1) in relation to unused airspace, respecting

(i) the classification of unused airspace,

(ii) qualifying improvements above which airspace may be deemed to be classified as unused airspace,

(iii) a limit on the tax rate applied to land classified as unused airspace, and

(iv) a limit on the relationship between the tax rate applied to land classified as unused airspace and another tax rate. , and

(c) by adding the following subsection:

(14.6) In prescribing limits under subsection (14.1) (e.1) (iii) or (iv), the maximum tax rate on unused airspace must be lower than the limit that applies to commercial property.

2 Part 1 of the Prescribed Classes of Property Regulation, B.C. Reg. 438/81, is amended:

(a) in section 1 (1) (c) (i) by striking out "Class 9" and substituting "Class 6.1 or 9", and

(b) by adding the following section:

Class 6.1 – Unused Airspace

6.1  Class 6.1 property shall only include unused airspace that is located immediately above property with an improvement that is included in class 4, 5 or 6.

 
Consequential Amendments

Vancouver Charter

3 Section 2 of the Vancouver Charter, S.B.C. 1953, c. 55, is amended by striking out the period at the end of the definition of "street" and substituting a semicolon, and by adding the following definition:

"unused airspace" has the same meaning as it does in section 19 of the Assessment Act.

4 Section 374.3 is amended by adding the following subsection:

(4) A regulation made under subsection (1) respecting levy rates on property classified as unused airspace must be in accordance with section 19 (14.6) of the Assessment Act.

Community Charter

5 The Community Charter, S.B.C. 2003, c. 26, is amended by adding the following section:

199.1  A regulation made under section 199 respecting tax rates on property classified as unused airspace must be in accordance with section 19 (14.6) of the Assessment Act.

6 Section 1 of the Schedule is amended by adding the following definition:

"unused airspace" has the same meaning as it does in section 19 of the Assessment Act.

Commencement

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