O. Reg. 442/12: TAX MATTERS - TRANSITION RATIOS AND AVERAGE TRANSITION RATIOS

 

ontario regulation 442/12

made under the

Municipal Act, 2001

Made: December 14, 2012
Filed: December 20, 2012
Published on e-Laws: December 20, 2012
Printed in The Ontario Gazette: January 5, 2013

Amending O. Reg. 385/98

(TAX MATTERS — TRANSITION RATIOS AND AVERAGE TRANSITION RATIOS)

1. The definition of “qualifying taxation year” in section 0.1 of Ontario Regulation 385/98 is revoked and the following substituted:

“qualifying taxation year” means the 2013 taxation year;

2. Paragraph 2 of subsection 9 (4) of the Regulation is revoked and the following substituted:

2. In determining the total assessment of the properties in a property class for the qualifying taxation year, a municipality may elect to exclude the assessment of a property in the property class,

i. if the current value of the property,

A. has, before any adjustment under subsection 19.1 (3) of the Assessment Act, increased by 100 per cent or such greater percentage as the municipality elects since 2012, or

B. has decreased by 25 per cent or such greater percentage as the municipality elects since 2012, and

ii. if the municipality also excludes the assessment of the property in determining the total assessment of the properties in the property class for the previous year.

3. Section 13 of the Regulation is revoked.

Commencement

4. This Regulation comes into force on the later of January 1, 2013 and the day it is filed.

Made by:

Dwight Douglas Duncan

Minister of Finance

Date made: December 14, 2012.