34Imposition of rates—qualifying parcels of land

34 Imposition of rates—qualifying parcels of land land. (2) In its application to the imposition of rates to the parcel of land, section 14 has effect as if subsections (3) and (4) of this section were substituted for section 14 (2) and (3). (3) Rates are imposed for a parcel of land to which section 34 applies in accordance with the following formula: [(FCC × CP) + (FCR × RP)] + [AUV × ({CP × PC} + {RP × PR})] FCC means the fixed charge determined under the Taxation Administration Act, section 139 for the parcel as commercial land. FCR means the fixed charge determined under the Taxation Administration Act, section 139 for the parcel as residential land. PC means the percentage rate determined under the Taxation Administration Act, section 139 for a parcel of commercial land.

PR means the percentage rate determined under the Taxation Administration Act, section 139 for a parcel of residential land. RP means the percentage, as determined under section 32, of the intended development that is to be used for residential purposes