19.1 (1) In this section, “eligible increase” has the meaning prescribed by the Minister. 2007, c. 7, Sched. 1, s. 4; 2008, c. 7, Sched. A, s. 4 (1). Property classes (2) This section applies with respect to land in the residential property class, the farm property class, the managed forests property class and such other property classes or sub-classes as may be prescribed by the Minister. 2007, c. 7, Sched. 1, s. 4. Phasing in eligible increases (3) If the current value of land increases because of a general reassessment, the current value of the land shall be reduced according to the following rules: 1.  For the first taxation year to which the general reassessment applies, the current value of the land is reduced by an amount equal to 75 per cent of the eligible increase. 2.  For the taxation year following the taxation year in paragraph 1, the current value of the land is reduced by an amount equal to 50 per cent of the eligible increase. 3.  For the taxation year following the taxation year in paragraph 2, the current value of the land is reduced by an amount equal to 25 per cent of the eligible increase. 2007, c. 7, Sched. 1, s. 4; 2020, c. 36, Sched. 3, s. 5 (1). Regulations (3.1) The Minister may, by regulation, provide for rules or percentages other than those set out in subsection (3) that shall apply if the current value of land increases because of a general reassessment. 2020, c. 36, Sched. 3, s. 5 (2). Further adjustments (4) The Minister may, by regulation, provide for such other adjustments to the current value of land as he or she considers appropriate including, without limiting the generality of the foregoing, (a)  adjustments relating to a change made pursuant to section 32, 33 or 34; (b)  adjustments resulting from a request for reconsideration, an appeal or an application under section 39.1, 40 or 46; (c)  adjustments where there is no eligible increase in the current value; (d)  adjustments in such other circumstances as may be prescribed. 2007, c. 7, Sched. 1, s. 4; 2008, c. 7, Sched. A, s. 4 (2); 2020, c. 36, Sched. 3, s. 5 (3). Assessment corporation to make adjustment (5) If a change is made to the current value of land other than a change resulting from a general reassessment, the assessment corporation shall make any adjustments required under this section. 2008, c. 19, Sched. A, s. 3. Adjustment for arithmetical error (6) If, at any time during a taxation year, the assessment corporation determines that there has been an arithmetical error in an adjustment under this section for the year or a subsequent taxation year, the corporation shall make an adjustment to correct the error. 2008, c. 19, Sched. A, s. 3. Notice of adjustment (7) If an adjustment is made under subsection (5) or (6) and no notice showing the adjustment is otherwise given under this Act, the assessment corporation shall notify the person against whom the land is assessed and the municipality within 90 days of making the adjustment. 2008, c. 19, Sched. A, s. 3. Exception (8) Sections 39.1 and 40 do not apply to a notice given under subsection (7). 2008, c. 19, Sched. A, s. 3. Section Amendments with date in force (d/m/y) 1997, c. 5, s. 13 - 01/12/1997 2004, c. 7, s. 2 - 17/06/2004 2007, c. 7, Sched. 1, s. 4 - 17/05/2007 2008, c. 7, Sched. A, s. 4 (1, 2) - 14/05/2008; 2008, c. 19, Sched. A, s. 3 - 27/11/2008 2020, c. 36, Sched. 3, s. 5 (1-3) - 08/12/2020