Definitions

1 In this regulation:

"Act" means the Land Tax Deferment Act;

"applicant" means a person who applies to defer property taxes;

"special agreement" means an agreement to defer property taxes used in any of the following circumstances:

(a) the applicant is the holder of a lease, life estate or right to purchase registered against the land;

(b) the applicant is one of many owners;

(c) the eligible property is encumbered by a charge registered under the Land (Spouse Protection) Act or the Family Relations Act.

Person with disabilities

1.1 (1)  In this section, the EAPD Act means the Employment and Assistance for Persons with Disabilities Act.

(2)  For the purpose of section 5 (1) (d) (iii) of the Act, a person with disabilities is a person who

(a) is designated as a person with disabilities under section 2 of the EAPD Act, or

(b) is not designated under section 2 of the EAPD Act, but otherwise has a severe mental or physical impairment that meets the criteria set out in section 2 (2) (a) and (b) of that Act, and, for this purpose, section 2 (1) and (3) (b) of that Act apply.

(3)  For the purpose of verifying that a person meets the criteria as described in subsection (2) (b), an applicant must provide to the collector of taxes a medical practitioner's written certification of the matters listed in section 2 (2) of the EAPD Act.

[en. B.C. Reg. 214/2003.]

Copy certified by Surveyor of Taxes to serve as agreement

2 For the purposes of section 7 (1) of the Act, an agreement made under section 6 includes a copy of an agreement certified as such by the Surveyor of Taxes, whether or not that copy bears the signatures of the parties.

Form of agreement to defer property taxes

3 An agreement to defer property taxes made under section 6 of the Act must be in Form 2 of the Schedule unless a special agreement is required.

Form of Certification by the Surveyor of Taxes

4 Certification by the Surveyor of Taxes must be in Form 3 of the Schedule.

Fire insurance required

5 For the purpose of section 5 (1) (e) and (2.1) (e) of the Act, the eligible property must be supported by a valid fire insurance policy issued by an insurer authorized under the Financial Institutions Act, of an amount not less than the current assessed value determined by the British Columbia Assessment Authority for all residential class improvements to that property.

[en. B.C. Reg. 328/2004; am. B.C. Reg. 79/2009, s. 1.]

Minimum equity required

6 For the purpose of section 5 (5) (a) of the Act,

(a) in respect of a deferral agreement referred to in section 5 (1) of the Act, the percentage is 75% of the actual value of the eligible property determined by the assessor, and

(b) in respect of a deferral agreement referred to in section 5 (2.1) of the Act, the percentage is 85% of the actual value of the eligible property determined by the assessor.

[en. B.C. Reg. 79/2009, s. 2.]