O. Reg. 259/01: TAX MATTERS - TAXATION OF CERTAIN RAILWAY, POWER UTILITY LANDS

 

ontario regulation 259/01

made under the

municipal act

Made:  June 23, 2001
Filed:  June 27, 2001
Printed in The Ontario Gazette: July 14, 2001

Amending O. Reg. 387/98

(Tax Matters — Taxation of Certain Railway, Power Utility Lands)

1. Ontario Regulation 387/98 is amended by adding the following section:

Tax Rates for Certain Land for 2001

2.3 (1) Despite section 1 and subject to subsection (2), land described in subsection 368.3 (1) of the Act that was owned by the owner on December 31, 1997 and is still owned by the same owner on January 1, 2001 shall be taxed for 2001 at the rates determined under section 2.2 for the municipality in which the land is situated.

(2) If the tax rate for the municipality determined under section 2.2 is greater than the tax rate that applied for the municipality in Table 1, the tax rate determined under subsection (1) for that municipality shall be reduced by one-fifth of the difference.

James M. Flaherty

Minister of Finance

Dated on June 23, 2001.