28.1. The rent for land leased for building cottages is based on(1) its proximity to a body of water;
(2) its proximity to the nearest urban pole listed in section 17 of Schedule I; and
(3) the reference value for the year concerned, corresponding to land rated 100, appearing on the list opposite the nearest urban pole.
The annual rent, which cannot be lower than the minimum rent fixed in section 7 of Schedule I, is calculated as follows:(1) the rating of the land is determined according to the criteria on the following scale:
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Proximity to an Proximity to a body of water
urban pole listed _________________________________________________________
in section 17 of
Schedule I Waterfront Semi-waterfront Non-waterfront
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Less than 30 km 100 75 50
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30-59 km 75 55 40
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60-89 km 65 50 35
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90 km or more 50 40 25
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(2) the rating thus obtained is divided by 100 and the result is multiplied by the reference value for the year concerned appearing on the list opposite the nearest urban pole;
(3) the result is multiplied by the square root of the ratio obtained by dividing the area of the leased land in square metres by 4,000 m2, then by 5%;
(4) the amount obtained is rounded off to the next highest dollar if the dollar fraction is $0.50 or more, or to the next lowest dollar if the dollar fraction is less than $0.50.