07-2002Set Tax Ratios - Laserfiche WebLink

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THE CORPORATION OF THE COUNTY OF ESSEX BY -LAW NUMBER 07 -2002 A BY -LAW TO SET TAX RATIOS FOR THE CORPORATION OF THE COUNTY OF ESSEX AND ALL THE LOCAL MUNICIPALITIES WITHIN THE BOUNDARIES OF THE COUNTY OF ESSEX FOR THE YEAR 2002 WHEREAS it is necessary for the Council of the Corporation of the County of Essex, pursuant to Section 363 of the Municipal Act, Chapter M. 45 R.S.O. 1990, as amended, to establish the tax ratios for 2002 for the Corporation of the County of Essex and the lower tier municipalities within the boundaries of the County of Essex; AND WHEREAS the tax ratios determine the relative amount of taxation to be borne by each property class; AND WHEREAS mandatory property classes have been prescribed by the Minister of Finance under the Section 7 of the Assessment Act as amended by the Fair Municipal Finance Act, 1997 and the Fair Municipal Finance Act (No. 2), 1997; AND WHEREAS the Small Business and Charities Protection Act, 1998 further amended the Assessment Act to allow optional property classes, as prescribed by the Minister of Finance, to be adopted; AND WHEREAS the Council of the County of Essex has adopted optional property classes as set out in By -law Number 36 -2001 NOW THEREFORE the Council of the Corporation of the County of Essex hereby enacts as follows: 1. For the taxation year 2002, the tax ratio for property in: a) the residential/farm property class is 1.0000; b) the multi - residential property class is 1.9554; c) the commercial property class is 1.0697; d) the parking lots/vacant land property class is 0.5620; e) the shopping centre property class is 1.1654; f) the office building property class is 1.1640; g) the industrial property class is 1.9425; h) the large industrial property class is 2.6861; i) the farmlands property class is 0.2500; j) the pipelines property class is 1.3030; k) the managed forest property class is 0.2500.