The present Regulation enacts the Assessment Act. The Regulation lays down provisions relating to the standards for the classification of farm land. In particular, section 4 establishes that the assessor must classify as farm all or part of a parcel of land used for: a) primary agricultural production, b) a farmer's dwelling, or c) the training and boarding of horses when operated in conjunction with horse rearing.2) Land will only be classed as farm where part of a parcel or parcels of land are: a) necessary to the farm, and b) predominantly used for primary agricultural production.

The present Act lays down provisions relating to assessment of property in the province of British Columbia. Section 18 establishes that all land and improvements in British Columbia are liable to assessment under the present Act unless exempted under this or another enactment. In particular, Part 3 deals, inter alia, with special valuation rules for dams, power plants and substations, valuation rules for designated port land, as well as with classification of land as a farm and classification and valuation of forest land.