07-13
THAT
a) In determining the amount of taxes for municipal and school purposes for the
year under Subsection 329(1) and the amount of the tenant's cap under
Subsection 332(5), the greater of the amounts determined under paragraphs a)
and b) as set out below shall apply in determining the amount to be added
under paragraph 2 of Subsection 329(1), and the increasing amount under
paragraph 2 of Subsection 332(5),
2
1. THAT paragraphs 1, 2, and 3, of Subsection 329.1 (1) of the Act shall apply to
Commercial, Industrial and Multi-Residential property classes for 2006.
the
NOW THEREFORE
hereby enacts as follows
the MUnicipal Council of the Corporation of the County of Elgin
WHEREAS the Council has reviewed the provisions of Section 329.1 of the Act and
hereby deems it necessary and appropriate to adopt optional tools for the purpose of
administering limits for the Commercial, Industrial and Multi-Residential property classes
WHEREAS a by-law passed to adopt the provisions of Subsection 329.1
paragraphs 1 and 2 of the Act, provides that such provisions shall also apply to Section
332 of the Act with respect to the "tenant cap" calculations and
c.
b
Increase the annual cap from 5% of last year's capped
of 10% of last year's capped taxes; and/or
Set an upper limit on annual increases at the greater of the amount calculated
under (a) and up to 5% of the previous year's annualized CVA tax; and/or
Up to a maximum $250 threshold may be set for increasing properties,
decreasing properties or both; and
a
taxes up to a maximum
WHEREAS The Co unci
the following options
that
may pass a by-law
WHEREAS "uncapped taxes" means, the taxes for municipal and school purposes
would be levied for the taxation year, but for the application of Part IX of The Act; and
to apply anyone or any combination of
WHEREAS for the purposes of this by-law the commercial classes shall be
considered a single property class and the industrial classes shall be deemed to be a
single property class; and
WHEREAS this by-law shall only apply to properties in any of the Commercial,
ndustrial and Multi-Residential property classes to which Part IX of the Act applies; and
out
WHEREAS the Municipality must similarly modify the provisions and limits as set
n Section 332 of the Act with respect to the "tenant cap" calculations and
WHEREAS the County of Elgin (hereinafter called the "Municipality", in accordance
with Section 329.1 of the Municipal Act, 2001, s.o. 2001, c.25, as amended (hereinafter
called the "Act"), may modify the provisions and limits as set out in Section 329 of the Act,
with respect to the calculation of taxes for municipal and school purposes payable in
respect of property in the commercial, industrial and multi-residential property class; and
MULTI-RESIDENTIAL PROPERTY CLASSES
ADMINISTERING LIMITS FOR THE COMMERCIAL. INDUSTRIAL AND
BEING A BY-LAW TO ADOPT OPTIONAL TOOLS FOR THE PURPOSES OF
By-Law No. 07-13
COUNTY OF ELGIN
READ a third time and finallY passed
READ a first and second
ti
me
this 24th day of Apri
this 24th day of Apri
2007
2007
3
THAT
The amount of the taxes for municipal and school purposes for a property for a
taxation year shall be the amount of the uncapped taxes for the property for the
year if the amount of the uncapped taxes eXGeeds the amount of the taxes for
municipal and school purposes for the property for the taxation year as
determined under Section 329, as modified under Section 329.1 of the Act and
this by-law, by two-hundred and fifty dollars ($250.00) or less.
this By-Law sha
come Into force and
take effect upon
its passing
b)
The amount of the uncapped
per cent (5%).
)
)
taxes for the previous year
The percentage set out in Subsection 329(1) paragraph 2 and in
Subsection 332(5) paragraph 2 shall beiten per cent (10%), and
-2-
multiplied by five