New farm assessment regulations to be implemented for 2013

The province is implementing four more recommendations from the Farm
Assessment Review Panel.

With the enactment of Bill 8 – the Community, Sport and Cultural Development Statutes  Amendment Act, 2011 – on March 15, 2012, and through recent regulatory amendments,  government will implement four panel recommendations for the 2013 Assessment Roll.

These will:

– Increase the tax exemption limit on farm outbuilding improvements (excluding the  residence).

– Extend farmer’s dwelling and home site farm classification to retired farmers in the Agricultural Land Reserve (ALR) for farms that stay in production.

– Reduce the administrative paperwork for farmers by changing the farm income  reporting period to be consistent with each farmer’s Canada Revenue Agency income tax  reporting period (i.e., a calendar or fiscal year).

– Provide more flexibility in meeting the requirements to maintain farm status by  expanding the list of qualifying agricultural products (previously referred to as  Primary Agricultural Production). Three new products will be added to the list:

–  Broad leaf maple and birch sap or syrup.

–  Breeding products (i.e., livestock semen, ova and embryos produced as part of  livestock raising).

– Horse stud services provided as part of horse rearing.

The panel was appointed in February 2008 and conducted a provincewide consultation  regarding the existing regulations and policies to ensure the farm assessment process  was fair, equitable and streamlined. The panel submitted its report with a number of  recommendations to the Province on July 31, 2009.

The panel included co-chairs Saanich Mayor Frank Leonard and John Rustad, MLA for  Nechako Lakes, as well as local government representatives, a cross-section of B.C.’s  agriculture community, the BC Assessment Board and others.

The province implemented two panel recommendations for the 2010 assessment year, which  clarified the rules for the split classification of Agriculture Land Reserve (ALR) and  non-ALR farm properties.

For more information on the recommendations being implemented, go to:

 

http://www.farmassessmentreview.ca/pdfs/FARP-FAQ.pdf