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<br />Page 2 <br />By-law #11-2005 (cont'd) <br /> <br />AND WHEREAS the Council has reviewed the provisions of Section 329.1 of The Act <br />and hereby deems it necessary and appropriate to adopt optional tools for the purpose of <br />administering limits for the Commercial, Industrial and Multi-Residential property <br />classes: <br /> <br />NOW THEREFORE the Council of the Corporation of the County of Essex hereby <br />enacts as follows: <br /> <br />1. THAT paragraphs 1,2, and 3, of Subsection 329.1 (1) of The Act shall apply to <br />the Commercial, Industrial and Multi-Residential property classes for 2005. <br /> <br />2. AND THAT <br /> <br />i) In determining the amount of taxes for municipal and school purposes for <br />the year under subsection 329 (1) and the amount ofthe tenant's cap under <br />subsection 332 (5), the greater of the amounts determined under <br />paragraphs a) and b) as set out below shall apply in determining the <br />amount to be added under paragraph 2 of subsection 329 (1), and the <br />increasing amount under paragraph 2 of subsection 332 (5), <br /> <br />a) The percentage set out in Subsection 329(1) paragraph 2 and in <br />Subsection 332(5) paragraph 2 shall be ten per cent (10%), and <br />b) The amount of the taxes uncapped taxes for the previous year <br />multiplied by five per cent (5%). <br /> <br />ii) The amount of the taxes for municipal and school purposes for a property <br />for a taxation year shall be the amount of the uncapped taxes for the <br />property for the year if the amount of the uncapped taxes exceeds the <br />amount of the taxes for municipal and school purposes for the property for <br />the taxation year as determined under section 329, as modified under <br />section 329.1 of The Act and this by-law, by two-hundred and fifty dollars <br />($250.00). <br /> <br />ill) The amount of the taxes for municipal and school purposes for a property <br />for a taxation year shall be the amount of the uncapped taxes for the <br />property for the year if the amount of the taxes for municipal and school <br />purposes for the property for the taxation year as determined under section <br />329, as modified under section 329.1 of The Act and this by-law exceed <br />the uncapped taxes, by two-hundred and fifty dollars ($250.00) or less. <br />