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This Act allows a minister to make an agreement with a landowner who qualifies under this Act and Regulations, permitting the owner to defer paying all or part of the tax payable on the eligible property during the term of the agreement. If the minister makes such an agreement, every relevant act, regulation and municipal bylaw is subject to the agreement until the agreement is terminated under this Act, or under the agreement. Furthermore if there is a conflict or inconsistency between an act, regulation or municipal bylaw and the tax defer agreement, the agreement then prevails. There are various provisos to the making of such an agreement in article 3. The effect of deferring land tax is set out in article 14, stating that despite any tax act, no penalty or interest is payable for tax deferred under the agreement other than the interest payable under this Act, the regulations or the agreement. Article 4 provides for when an agreement is terminated. Articles 5-7, and 11 and 13, outline the process to apply for a tax deferring agreement, including qualifying requirements, approval, and registration of agreements. Articles 8 and 10 provide for termination of the agreement, and payment of the tax together with the appropriate interest rate. It is an offence if a person completes, and delivers an application for an agreement, containing false or misleading information, and the minister endorses the agreement as a result.(as provided in article 17, together with the possible penalties).
Implemented by: Land Tax Deferment Regulation (B.C. Reg. 57/98). (2013-03-19)
