37-2013 tax capping by-law - Laserfiche WebLink

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The Corporation of the County of Essex By-Law No. 37'-20'13, A By-laiw to adopt optional tools for the purposes of administering l'imits for the cornmercial, industrial and multi-resi:denti�al property classes for 2013 Whereas the Corporation of the County of Essex (hereinafter referred to as "The Municiplahty") may, in accordance with section .1 of the Municipal Act, 2001, S.O. 2001 c.25, as amended (hereinafter referred to as "The Act` modify the provisions, and limits set out in section 329 of The Act, with respect to the calculation of taxes for mu�niciipal and school purposes payable in respect of property in the commerciall, industrial and multi-resildential property class; And Whereas the municipality must similarly modify the provisions and limits set out in section 352 of The Act with respect to the "tenant cap" cail'lcuil:ations; And 'Whereas this by-law shall only apply to properties in any of the Commercial, Industrial and Multi-Residential property classes to which Part IX of The Act applies; And Whereas for the purposes of this by-law, the commercial classes shall be considered' a single property class and the industrial da55e5 shall be deemed to be a single property class; And Whereas "uncapped taxes"' means, the taxes for municipal and school purposes that would be levied foir the taixation year but for the application of Part IX of The Act. And Whereas The Coluncill may pass a, by-law, to apply ainy one or any combination of the following options: a), Increase the annual cap from 5%, of last year's capped taxes up to a maximum of 10% of last year's capped taxes; and/or bi) 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