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THE CORPORATION OF THE COUNTY OF ESSEX BY -LAW NUMBER 30 -2003 BEING A BY -LAW TO PROVIDE FOR THE LIMITATION OF TAX DECREASES FOR 2003 IN THE MULTI - RESIDENTIAL, COMMERCIAL AND INDUSTRIAL PROPERTY CLASSES WHEREAS Part IX of the Municipal Act, 2001, S.O. 2001, c.25 as amended, establishes limitation on taxes for certain property classes; AND WHEREAS Section 330 of the Municipal Act, 2001, S.O. 2001, c.25 as amended, provides that the Council of an upper -tier municipality may pass a by -law to establish percentages by which tax decreases are limited for 2003 in respect of properties in the multi - residential, commercial and industrial property classes in order to recover revenues foregone as a result of the limitation of taxes to other properties in those property classes; NOW THEREFORE, the Council of the Corporation of the County of Essex hereby enacts as follows: 1. THAT the cut -off date for adjustments to the 2003 Pre -Flip File be June 6th, 2003. 2. THAT the percentages for 2003 under Section 330 of the Municipal Act, 2001, S.O. 2001, c.25 as amended, for the County of Essex shall be as indicated in the attached Schedule 'A'. 3. THAT the Treasurer of each lower -tier municipality in the County of Essex shall he advised by the upper -tier of the said date established in Section 1 and the 2003 tax decrease phase - in percentages by class established in Section 2. 4. THAT the County of Essex shall provide adjustments between municipalities, in the amounts established on Schedule 'B', so that no lower -tier municipality has a surplus or shortfall as a result of the application of this by -law. 5. THAT if the County of Essex experiences a shortfall as a result of the application of Section 4, the shortfall shall be shared by the County of Essex and the lower -tier municipalities in the same proportion as the municipalities share in the taxes levied on the property class for municipal purposes.