48.1 (1) This section applies, (a)  if there is an eligible change that results in a change to the assessment of land for the 2009, 2010 or 2011 taxation year; and (b)  if subsection 48 (3), (4), (4.1), (4.2) or (4.3) applies with respect to the assessment of the land for the same taxation year.  O. Reg. 262/09, s. 2; O. Reg. 273/13, s. 3 (1). (2) In this section, “2008 adjusted current value” means, with respect to land, the value that would have been the current value of the land as of January 1, 2008 if an eligible change that affects the assessment for the 2009, 2010 or 2011 taxation year had occurred before the return of the assessment roll for the 2009 taxation year and had been considered in determining the current value of the land as of January 1, 2008; (“valeur actuelle ajustée 2008”) “eligible change” means, subject to subsection (3), (a)  a change with respect to which an additional assessment of land is made under section 33 or 34 of the Act, (b)  a change for which an adjustment is made under section 32 of the Act to the assessment of land, (c)  a change to the state or condition of land that results in the assessment made under section 36 of the Act for the taxation year differing from the assessment made for the previous taxation year, (d)  a change in the classification of land, (e)  a change in the status of land from taxable to tax-exempt or vice-versa, (f)  a change in the valuation approach with respect to whether land is eligible for assessment under section 19.0.1 or 25 of the Act, or (g)  a change of the type described in any of clauses (a) to (f) that is made under section 39.1, 40 or 46 of the Act; (“changement admissible”) “MDF” means, in respect of land, the municipal discount factor set out in the Table entitled Municipal Discount Factors available on the assessment corporation’s website; (“FAM”) “PSDF” means, in respect of land for a particular taxation year, the property-specific discount factor calculated to nine decimal places by dividing “A” by “B” where, “A”  is the assessment of the land as shown on the assessment roll for the 2008 taxation year as adjusted for the purposes of paragraph 1 or 1.1 of subsection 47 (1) for the particular taxation year, and “B”  is the assessment of the land that would have been shown on the assessment roll for the particular taxation year if subsection 19.1 (3) of the Act had not applied. (“FAB”)  O. Reg. 262/09, s. 2. (3) The following are not eligible changes for the purposes of this section: 1.  A change made to the assessment of land for a taxation year after 2008 that is consequential to the same change made with respect to the current value of the land used in determining the assessment, or the assessment as adjusted under paragraph 1 of subsection 47 (1), of the land for the 2008 taxation year. 2.  A change made to correct an error made in determining the current value of the land as of January 1, 2008, i.  if the same error was not made in determining the assessment, or the assessment as adjusted under paragraph 1 or 1.1 of subsection 47 (1), for the 2008 taxation year, or ii.  if the same error was made in determining the assessment, or the assessment as adjusted under paragraph 1 or 1.1 of subsection 47 (1), for the 2008 taxation year but the error is not the subject of a request for 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. 3.  A change made to correct an error made in determining the current value of the land for the purposes of determining the assessment, or the assessment as adjusted under paragraph 1 or 1.1 of subsection 47 (1), of the land for the 2008 taxation year if the same error was not made in determining the current value of the land as of January 1, 2008.  O. Reg. 262/09, s. 2. (4) A reference in this section to an assessment of land shown on the assessment roll for a taxation year is deemed to be a reference to the assessment of the land for the taxation year, (a)  firstly, after any changes to the assessment required as a result of a correction under subsection 32 (1.1) of the Act, 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; and (b)  secondly, after any adjustments required under subsection (12).  O. Reg. 262/09, s. 2. (5) Except as otherwise provided in this section, the eligible increase for the purposes of section 19.1 of the Act in respect of an eligible change to land that affects the assessment for 2009, 2010 or 2011 is the amount by which the 2008 adjusted current value of the land exceeds whichever of the following amounts applies in respect of the eligible change: 1.  If the land was vacant and a new building or structure is erected on it, the amount is the 2008 adjusted current value of the land multiplied by the MDF for the municipality and the property class applicable to the land after the new building or structure is erected. 2.  If the land ceases to be exempt from taxation, the amount is the 2008 adjusted current value of the land multiplied by, i.  the PSDF for the land if the land is to be classified in a property class or subclass that already exists on the property, or ii.  the MDF for the municipality and the property class applicable to the land after the land becomes taxable, in any other case. 3.  If the land becomes exempt from taxation, the amount is the 2008 adjusted current value of the land multiplied by, i.  the PSDF for the land if an exempt portion of the property already exists, or ii.  the MDF for exempt land in the municipality, in any other case. 4.  The amount is the 2008 adjusted current value of the land multiplied by the MDF for the municipality and the property class applicable after the eligible change, i.  if the land is vacant land and is subject to a severance, ii.  if the land is divided into one or more lots by a plan of subdivision, or iii.  if the land is a unit created by a condominium plan. 5.  If, as a result of the demolition of one or more buildings or structures, the land is in an excess land subclass created as a result of the demolition, the amount is the 2008 adjusted current value of the land multiplied by the PSDF for the corresponding property class. 6.  If, as a result of the demolition of one or more buildings or structures, the land is added to an existing excess land subclass, the amount is the 2008 adjusted current value of the land multiplied by the PSDF for the existing excess land subclass. 7.  If the land becomes classified in a different property class, the amount is the 2008 adjusted current value of the land multiplied by, i.  the PSDF for the land, A.  if the land is to be classified in a property class or subclass that already exists on the property or is classified in the corresponding new construction property class prescribed by section 15 of Ontario Regulation 400/98 (Tax Matters — Tax Rates for School Purposes) made under the Education Act, or B.  if the new multi-residential class applies to a portion of the land and the multi-residential property class already exists on the property, or ii.  the MDF for the municipality and the property class applicable after the change in the property class, in any other case. 8.  If the land was omitted from the assessment roll and is being added, the amount is determined as follows: i.  If the land is being added to a parcel or a portion of a parcel that is in the same property class or subclass, the amount is the 2008 adjusted current value of the land being added multiplied by the PSDF for the parcel or portion of the parcel in that same property class or subclass. ii.  If the land is being added to a parcel or a portion of a parcel that is in a different property class or subclass, the amount is the 2008 adjusted current value of the land being added multiplied by the MDF for the municipality and property class applicable to the land being added. iii.  If the land is an entire parcel, the amount is the 2008 adjusted current value of the land multiplied by the MDF for the municipality and property class applicable to the land. 9.  If subsection 3 (4) or (5) or section 19.0.1 of the Act or section 42.5 of this Regulation cease to apply to the land or the land ceases to be a pipeline, the amount is the 2008 adjusted current value of the land multiplied by the MDF for the municipality and property class applicable to the land after that section or subsection ceases to apply to the land. 10.  If the land is leased by the Greater Toronto Airports Authority or the Ottawa International Airport Authority, the amount is the 2008 adjusted current value of the land multiplied by the MDF for the particular airport authority. 11.  If the eligible change is not described in any of paragraphs 1 to 10, the amount is the 2008 adjusted current value of the land multiplied by the PSDF for the land.  O. Reg. 262/09, s. 2; O. Reg. 273/13, s. 3 (2). (6) If an eligible increase in respect of an eligible change would be determined under subsection (5) by using the PSDF for the land, but there was an earlier eligible change affecting the assessment for the same taxation year for which a MDF was used to determine the eligible increase relating to that earlier eligible change, the eligible increase in respect of the later eligible change is determined as if the PSDF for the land were equal to the MDF used to determine the eligible increase relating to the earlier eligible change.  O. Reg. 262/09, s. 2. (7) The following rules apply to determine the PSDF after two or more parcels of land are consolidated: 1.  If all the original parcels are in the same property class, the PSDF of the original parcel that had the highest current value as of January 1, 2008 is the PSDF for the consolidated parcel. 2.  If the original parcels are in different property classes or subclasses and the consolidated parcel is classified in the same property classes or subclasses, the PSDF for the original parcel in a particular class or subclass is the PSDF for the portion of the consolidated parcel in the same class or subclass. 3.  Paragraph 1 is applied to determine the PSDF of each class of property before paragraph 2 is applied if, i.  part or all of each original parcel is in the same property class before the consolidation, ii.  at least one of the original parcels is in more than one property class before the consolidation, and iii.  the consolidated parcel is in at least two of the same property classes. 4.  If no part of any original parcel is in the same property class or subclass as another original parcel and if not all of the classes and subclasses continue to apply to the consolidated parcel, the PSDF of the original parcel in a particular class or subclass applies to the portion of the consolidated parcel in the same class or subclass. 5.  If an excess land subclass is created on the consolidation, the PSDF for the parcel in the excess land subclass is the PSDF for the corresponding property class. 6.  If, on the consolidation, excess land is added to an existing excess land subclass, the PSDF for the existing land subclass applies to the additional excess land. 7.  In any case not otherwise described in this subsection, the PSDF of the consolidated parcel is the MDF for the municipality and property class that apply to the land after the consolidation.  O. Reg. 262/09, s. 2. (8) If land is subject to a severance and any severed portion of the land is vacant land that does not meet the minimum municipal requirements for development and is not being consolidated with other land, the PSDF for the portion that does not meet the requirements for development is the PSDF for the land before the severance.  O. Reg. 262/09, s. 2. (9) For the purposes of section 33 or 34 of the Act, the amount of the additional assessment in respect of an eligible change is calculated using the formula, A – (B × C) – D in which, “A”  is the 2008 adjusted current value, “B”  is, (a)  75 per cent if the additional assessment applies to the 2009 taxation year, (b)  50 per cent if the additional assessment applies to the 2010 taxation year, or (c)  25 per cent if the additional assessment applies to the 2011 taxation year, “C”  is the eligible increase in respect of the eligible change as determined under this section, and “D”  is the assessment of the land shown on the assessment roll, or if the land is severed, the current value 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, for the taxation year in which the additional assessment is made. O. Reg. 262/09, s. 2. (10) Despite subsection (9), the amount of the supplemental assessment for land or a portion of land if the eligible change is a change in classification or a change from taxable to non-taxable, or vice-versa, is calculated using the formula, A – (E × C) – F in which, “A”  is the 2008 adjusted current value, “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 eligible increase in respect of the eligible change as determined under this section, and “F”  is the assessment of the land that is shown on the assessment roll 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. 3 (3). (11) If both subsections (9) and (10) apply in determining the amount of an additional or supplemental assessment, subsection (10) is applied before subsection (9).  O. Reg. 262/09, s. 2. (12) The following rules apply for the purposes of clause (4) (b): 1.  If a change is made to the assessment for a taxation year under section 32 (1.1) or section 39.1 of the Act or as a result of an appeal under section 40 of the Act or an application under section 46 of the Act and if that same change would have been reflected in the assessment for the taxation year as adjusted for the purposes of paragraph 1.1 of subsection 47 (1), the adjusted assessment applicable to that change is the amount determined under the applicable paragraph of subsection (5) if the change is an eligible change. 2.  If an annual assessment is made under section 36 of the Act which results in a different assessment from the assessment for the previous taxation year, and if that same change would not have been reflected in the assessment as adjusted under paragraph 1.1 of subsection 47 (1), the change must be made before the application of paragraph 3. 3.  If an annual assessment is made under section 36 of the Act which results in a different assessment from the assessment for the previous taxation year, and if that same change would have been reflected in the assessment as adjusted under paragraph 1.1 of subsection 47 (1), the adjusted assessment applicable to the change is the amount determined under the applicable paragraph of subsection (5) if the change is an eligible change.  O. Reg. 262/09, s. 2. (13) Paragraphs 1, 2 and 3 of subsection 48 (5) apply for the purposes of this section.  O. Reg. 262/09, s. 2. (14) If, as a result of the application of any of subsections (4) to (11), the calculation of the eligible increase in respect of an eligible change results in a negative amount, the eligible increase in respect of the eligible change is determined as if it were an eligible change to which paragraph 11 of subsection (5) applies.  O. Reg. 262/09, s. 2.