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O. Reg. 383/98: TAX MATTERS - FARM LAND AWAITING DEVELOPMENT SUBCLASSES, TAX REDUCTION PERCENTAGES

under Municipal Act, 2001, S.O. 2001, c. 25

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Versions
current July 24, 2015 (e-Laws currency date)
July 23, 2003 July 23, 2015

Municipal Act, 2001
Loi de 2001 sur les municipalités

ontario REGULATION 383/98

formerly under Municipal Act

TAX MATTERS — FARM LAND AWAITING DEVELOPMENT SUBCLASSES, TAX REDUCTION PERCENTAGES

Historical version for the period July 23, 2003 to July 23, 2015.

Last amendment:  O. Reg. 298/03.

This Regulation is made in English only.

1. This Regulation prescribes, for the purposes of paragraph 1 of subsection 313 (1) of the Act, the percentage reductions for the subclasses for farm land awaiting development prescribed under paragraph 1 of subsection 8 (1) of the Assessment Act for the following property classes:

1. The residential property class.

2. The multi-residential property class.

3. The commercial property class.

4. The industrial property class.  O. Reg. 383/98, s. 1; O. Reg. 298/03, s. 1.

First Subclass

2. The percentage reduction for the first subclass for the residential property class shall be no less than the following lower limit and no more than the following upper limit:

1. The lower limit is the percentage equal to the percentage reduction for the subclass for the preceding taxation year minus 10 percentage points, to a minimum of 25 per cent.

2. The upper limit is the percentage equal to the percentage reduction for the subclass for the preceding taxation year plus 10 percentage points, to a maximum of 75 per cent.  O. Reg. 298/03, s. 2.

3. The percentage reduction for a municipality for the first subclass for each property class, other than the residential property class, shall be determined in accordance with the following:

percentage reduction =

in which,

  “R” is the percentage reduction for the municipality for the first subclass for the residential property class, and

“T” is the amount equal to the tax rate for the property class divided by the tax rate for the residential property class.

O. Reg. 298/03, s. 2.

Second Subclass

4. The percentage reduction for the second subclass for each property class shall be no more than 75 per cent.  O. Reg. 383/98, s. 4.