362. The option to tax land.

A person may opt to tax any land1. If a person exercises that option and a grant is made in relation to the land by the person exercising that option or by a relevant associate2 at any time when the option to tax it has effect, then the grant does not fall within the exemption for land3.

There are exclusions from the effect of the option to tax land. An option to tax has no effect in relation to a grant: (1) in relation to buildings designed, adapted and intended for use as dwellings or solely for a relevant residential