ontario regulation 64/17

made under the

City of Toronto Act, 2006

Made: March 9, 2017
Filed: March 9, 2017
Published on e-Laws: March 10, 2017
Printed in The Ontario Gazette: March 25, 2017

Amending O. Reg. 121/07

(TRADITIONAL MUNICIPAL TAXES, LIMITS AND COLLECTION)

1. (1) The definition of “qualifying taxation year” in subsection 1 (1) of Ontario Regulation 121/07 is amended by striking out “2016” and substituting “2017”.

(2) The definition of “unadjusted class ratio” in subsection 1 (1) of the Regulation is revoked and the following substituted:

“unadjusted tax ratio” means, in respect of a property class in the qualifying taxation year,

(a) the tax ratio for the property class for the previous year, or

(b) if section 7 applied to the property class in the previous year, the tax ratio for the property class for the qualifying taxation year that is determined under subsection 6 (1).

2. Subsection 2.2 (5) of the Regulation is amended by striking out “Subject to sections 2.3 and 2.4” at the beginning and substituting “Subject to sections 2.2.2, 2.2.3, 2.3 and 2.4”.

3. The Regulation is amended by adding the following sections:

2.2.1 (1) This section applies for the qualifying taxation year if,

(a) in comparison to the previous year, the percentage of total tax revenue for the qualifying taxation year derived from tax on property in the multi-residential property class would be higher in the qualifying taxation year if the unadjusted tax ratio for the qualifying taxation year was applied;

(b) the unadjusted tax ratio for the multi-residential property class for the qualifying taxation year is equal to or greater than 2.0; and

(c) the City does not establish a tax ratio under subsection 2.2 (2).

(2) The transition ratio for the multi-residential property class for the qualifying taxation year is the greater of 2.0 and the transition ratio for the property class determined using the rules set out in subsection 2.2 (5).

2.2.2 (1) This section applies for the qualifying taxation year if, in comparison to the previous year, the percentage of total tax revenue for the qualifying taxation year derived from tax on property in the multi-residential property class would be lower in the qualifying taxation year if the unadjusted tax ratio for the qualifying taxation year was applied.

(2) If the unadjusted tax ratio for the multi-residential property class is equal to or greater than 2.0, the transition ratio for the property class for the qualifying taxation year is equal to the unadjusted tax ratio.

(3) If the unadjusted tax ratio for the multi-residential property class is less than 2.0 and if the City establishes a tax ratio under subsection 2.2 (2), the transition ratio for the property class for the qualifying taxation year is the lesser of 2.0 and the transition ratio for the property class determined using the rules set out in subsection 2.2 (5).

2.2.3 (1) This section applies for the qualifying taxation year if the percentage of total revenue for the qualifying taxation year derived from tax on property in the multi-residential property class would be the equal to the previous year’s if the unadjusted tax ratio for the qualifying taxation year was applied.

(2) If the unadjusted tax ratio for the multi-residential property class is equal to or greater than 2.0, the transition ratio for the property class for the qualifying taxation year shall be determined as follows:

1. Take the greater of 2.0 and the transition ratio for the property class determined using the rules set out in subsection 2.2 (5).

2. The transition ratio is the lesser of the amount determined under paragraph 1 and the unadjusted tax ratio for the property class.

(3) If the unadjusted tax ratio for the multi-residential property class is less than 2.0 and if the City establishes a tax ratio under subsection 2.2 (2), the transition ratio for the property class for the qualifying taxation year is the lesser of 2.0 and the transition ratio for the property class determined using the rules set out in subsection 2.2 (5).

Commencement

4. This Regulation comes into force on the day it is filed.

Made by:

Charles Sousa

Minister of Finance

Date made: March 9, 2017