Acts and Regulations

A-14 - Assessment Act

Section 15.4
Disposition versions

Full text
Assessment of eligible residential property in 2011 and 2012
15.4(1)This section applies in the years 2011 and 2012 to real property that is assessed in the name of a person who is entitled to a credit in respect of that real property or a portion of it under section 2 or 2.1 of the Residential Property Tax Relief Act, other than a credit under subsections 2(1.1) and (1.2) and 2.1(3) and (7) of that Act.
15.4(2)For the year 2011 and subject to subsection (3), the amount of the assessment on real property referred to in subsection (1) is calculated as follows:
A + B + D + R
2where
2Ais the amount of the assessment for the year 2010 on the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
2Bis the lesser of
(a) 0.03 × A, and
(b) Y × A,
where
Yis the number calculated as follows:
(C - D - A)/A
where
Cis the real and true value as of January 1, 2011, of the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
Dis the real and true value as of January 1, 2011, of any new construction on and improvements to the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
2Ris the real and true value as of January 1, 2011, of the portion of the real property for which the person is not entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act.
15.4(3)If real property referred to in subsection (1) is transferred in the year 2010, it shall be assessed at its real and true value as of January 1, 2011, except in the circumstances prescribed by regulation.
15.4(4)For the year 2012 and subject to subsection (5), the amount of the assessment on real property referred to in subsection (1) is calculated as follows:
E + F + H + S
4where
4E is the amount of the assessment for the year 2011 on the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
4Fis the lesser of
(a) 0.03 × E, and
(b) Z × E,
where
Zis the number calculated as follows:
(G - H - C)/C
where
Gis the real and true value as of January 1, 2012, of the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
His the real and true value as of January 1, 2012, of any new construction on and improvements to the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
Cis the real and true value as of January 1, 2011, of the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
4Sis the real and true value as of January 1, 2012, of the portion of the real property for which the person is not entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act.
15.4(5)If real property referred to in subsection (1) is transferred in the year 2011, it shall be assessed at its real and true value as of January 1, 2012, except in the circumstances prescribed by regulation.
2010, c.34, s.2
Assessment of eligible residential property in 2011 and 2012
15.4(1)This section applies in the years 2011 and 2012 to real property that is assessed in the name of a person who is entitled to a credit in respect of that real property or a portion of it under section 2 or 2.1 of the Residential Property Tax Relief Act, other than a credit under subsections 2(1.1) and (1.2) and 2.1(3) and (7) of that Act.
15.4(2)For the year 2011 and subject to subsection (3), the amount of the assessment on real property referred to in subsection (1) is calculated as follows:
A + B + D + R
2where
2Ais the amount of the assessment for the year 2010 on the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
2Bis the lesser of
(a) 0.03 × A, and
(b) Y × A,
where
Yis the number calculated as follows:
(C - D - A)/A
where
Cis the real and true value as of January 1, 2011, of the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
Dis the real and true value as of January 1, 2011, of any new construction on and improvements to the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
2Ris the real and true value as of January 1, 2011, of the portion of the real property for which the person is not entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act.
15.4(3)If real property referred to in subsection (1) is transferred in the year 2010, it shall be assessed at its real and true value as of January 1, 2011, except in the circumstances prescribed by regulation.
15.4(4)For the year 2012 and subject to subsection (5), the amount of the assessment on real property referred to in subsection (1) is calculated as follows:
E + F + H + S
4where
4E is the amount of the assessment for the year 2011 on the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
4Fis the lesser of
(a) 0.03 × E, and
(b) Z × E,
where
Zis the number calculated as follows:
(G - H - C)/C
where
Gis the real and true value as of January 1, 2012, of the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
His the real and true value as of January 1, 2012, of any new construction on and improvements to the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
Cis the real and true value as of January 1, 2011, of the portion of the real property for which the person is entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act;
4Sis the real and true value as of January 1, 2012, of the portion of the real property for which the person is not entitled to a credit under section 2 or 2.1 of the Residential Property Tax Relief Act.
15.4(5)If real property referred to in subsection (1) is transferred in the year 2011, it shall be assessed at its real and true value as of January 1, 2012, except in the circumstances prescribed by regulation.
2010, c.34, s.2