O. Reg. 298/03: TAX MATTERS - FARM LAND AWAITING DEVELOPMENT SUBCLASSES, TAX REDUCTION PERCENTAGES

 

ontario regulation 298/03

made under the

municipal act, 2001

Made: July 22, 2003
Filed: July 23, 2003
Printed in The Ontario Gazette: August 9, 2003

Amending O. Reg. 383/98

(Tax Matters — Farm Land Awaiting Development Subclasses, Tax Reduction Percentages)

1. (1) Section 1 of Ontario Regulation 383/98 is amended by striking out “subsection 368.1 (1)” in the portion before paragraph 1 and substituting “subsection 313 (1)”.

(2) Paragraph 1 of section 1 of the Regulation is revoked and the following substituted:

1. The residential property class.

2. Sections 2 and 3 of the Regulation are revoked and the following substituted:

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.

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.

 

Janet Lynne Ecker

Minister of Finance

Dated on: July 22, 2003.