48. (1) This section applies with respect to the assessment of land if section 19.1 of the Act applies with respect to the current value of the land for the 2009, 2010 and 2011 taxation years.  O. Reg. 437/08, s. 1; O. Reg. 337/12, s. 3 (1). (2) A reference in this section to an assessment of land shown on the assessment roll for the 2008 taxation year or that would be shown on the assessment roll for the 2009 taxation year is deemed to be a reference to the assessment of the land for that taxation year as shown on the assessment roll or the tax roll, as the case may be, after any changes required as a result of a reconsideration under section 39.1 of the Act, an appeal under section 40 of the Act or an application under section 46 of the Act.  O. Reg. 437/08, s. 1; O. Reg. 337/12, s. 3 (2). (3) The eligible increase in respect of the land for the 2009, 2010 and 2011 taxation years is the amount, if any, by which “A” exceeds “B”, where, “A”  is the assessment of the land that would be shown on the assessment roll for the 2009 taxation year if subsection 19.1 (3) of the Act did not apply, and “B”  is the assessment of the land that is shown on the assessment roll for the 2008 taxation year.  O. Reg. 437/08, s. 1. (4) Despite subsection (3), the eligible increase in respect of the land for the 2009, 2010 and 2011 taxation years is the amount by which the amount of “A” in subsection (3) exceeds the amount of “B” in subsection (3), as adjusted for the purposes of paragraph 1 of subsection 47 (1), if, (a)  the amount of “A” in subsection (3) exceeds the amount of the assessment for the 2008 taxation year as adjusted for the purposes of paragraph 1 of subsection 47 (1); and (b)  the amount of the assessment for the 2008 taxation year as adjusted for the purposes of paragraph 1 of subsection 47 (1) does not equal the assessment of the land that is shown on the assessment roll for the 2008 taxation year.  O. Reg. 437/08, s. 1; O. Reg. 337/12, s. 3 (3, 4). (4.1) Despite subsections (3) and (4), the eligible increase in respect of the land for the 2009, 2010 and 2011 taxation years is the amount by which the amount of “A” in subsection (3) exceeds the amount of “B” in subsection (3) as adjusted under subsection (4) to reflect a change to the assessment of the land in respect of the 2008 taxation year that results or could result in an application under subsection 357 (1), 358 (1) or 359 (1) of the Municipal Act, 2001 or subsection 323 (1), 325 (1) or 326 (1) of the City of Toronto Act, 2006, (a)  if the change is not reflected in the assessment for the 2008 taxation year or the assessment for the 2008 taxation year as adjusted for the purposes of paragraph 1 of subsection 47 (1) for the 2009 taxation year; and (b)  if an assessment is made under subsection 32 (1.1) , (2), (3) or (4), section 33 or subsection 34 (1) or (2) of the Act to reflect that change in the assessment for the 2009, 2010 or 2011 taxation year, before any adjustment under section 19.1 of the Act. O. Reg. 337/12, s. 3 (5). (4.2) Despite subsections (3), (4) and (4.1), if an assessment is made under section 33 of the Act after January 1, 2009 that applies to any portion of the 2008 taxation year, the eligible increase for the 2009, 2010 and 2011 taxation years is the amount, if any, by which “A” exceeds “B”, where, “A”  is the assessment of the land that would be shown on the assessment roll for the 2009 taxation year if subsection 19.1 (3) of the Act did not apply, plus the amount of the assessment made in respect of the year under section 33 of the Act, and “B”  is the assessment of the land that is shown on the assessment roll for the 2008 taxation year, described in subsection (3), (4) or (4.1), as the case may be, plus the assessment made in respect of the year under section 33 of the Act, applied to the land for the entire year. O. Reg. 337/12, s. 3 (5). (4.3) Despite subsections (3), (4), (4.1) and  (4.2), if there is a change to the value of the land as of January 1, 2008, the eligible increase in respect of the land for the 2010 and 2011 taxation years is the amount by which the amount of “B” in subsection (3), as adjusted under subsection (4), (4.1) or (4.2), if applicable, is less than the amount of the assessment of the land for the 2010 or 2011 taxation year determined as if subsection 19.1 (3) of the Act did not apply. O. Reg. 337/12, s. 3 (5). (4.4) If subsection (4.2) applies, the amount of the additional assessment made under section 33 of the Act is calculated using the formula, A – (B × C) – D in which, “A”  has the same meaning as in subsection (4.2), “B”  is 75 per cent if the additional assessment applies to the 2009 taxation year, 50 per cent if the additional assessment applies to the 2010 taxation year or 25 per cent if the additional assessment applies to the 2011 taxation year, “C”  is the amount, if any, of the eligible increase determined under subsection (4.2), and “D”  is the assessment of the land that is shown on the assessment roll that does not include the additional assessment or, if the land is severed, the current value of the land attributed to the applicable severed portion as apportioned under section 356 of the Municipal Act, 2001 or section 322 of the City of Toronto Act, 2006, as the case may be, for the taxation year in which the additional assessment is made. O. Reg. 273/13, s. 2. (4.5) If subsection (4.2) applies, the amount of the supplemental assessment for land or a portion of land that relates to a change in classification or change from taxable to non-taxable, or vice versa, is calculated using the formula, A – (E × C) – G in which, “A”  has the same meaning as in subsection (4.2), “E”  is 75 per cent if the supplemental assessment applies to the 2009 taxation year, 50 per cent if the supplemental assessment applies to the 2010 taxation year or 25 per cent if the supplemental assessment applies to the 2011 taxation year, “C”  is the amount, if any, of the eligible increase determined in subsection (4.2), and “G”  is the assessment of the land that is shown on the assessment roll that does not include the supplemental assessment or, if the land is severed, the current value of the land attributed to the applicable severed portion as apportioned under section 356 of the Municipal Act, 2001, section 322 of the City of Toronto Act, 2006 or section 11 of the Provincial Land Tax Act, 2006, as the case may be, for the taxation year in which the supplemental assessment is made. O. Reg. 273/13, s. 2. (4.6) If both subsections (4.4) and (4.5) apply in determining the amount of an additional or supplemental assessment, subsection (4.5) is applied before subsection (4.4). O. Reg. 273/13, s. 2. (5) This section applies as follows in the following circumstances: 1.  If different portions of the land are classified in different classes of real property prescribed under section 7 of the Act or prescribed under the Education Act, or if a subclass is prescribed under section 8 of the Act in respect of one or more portions of the land, this section applies to each portion of the land that is in a different class or subclass, as the case may be, as if it were separate land. 2.  If different portions of the land are subject to different tax rates for municipal or school purposes or a portion of the land is exempt from either or both types of taxes, this section applies to each portion as if it were separate land. 3.  This section applies in respect of any portion of the land assessed against a tenant under subsection 18 (1) of the Act.  O. Reg. 437/08, s. 1.