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<br />CORPORA TION OF THE COUNTY OF ESSEX <br /> <br />BY-LAW # 12-2005 <br /> <br />A BY -LAW TO ADOPT OPTIONAL TOOLS FOR THE PURPOSES OF <br />ADMINISTERING LIMITS FOR ELIGmLE PROPERTIES WITHIN THE <br />MEANING OF SECTION 331 (NEW CONSTRUCTION) FOR THE <br />COMMERCIAL, INDUSTRIAL AND MULTI-RESIDENTIAL PROPERTY <br />CLASSES <br /> <br />WHEREAS the Corporation of the County of Essex (hereinafter referred to as "The <br />Municipality") may, in accordance with section 329.1 of the Municipal Act, 2001, S.O. <br />2001 c.25, as amended (hereinafter referred to as "The Act") modify the provisions and <br />limits set out in section 331 of The Act, with respect to the calculation of taxes for <br />municipal and school purposes payable in respect of property in the CommerCial, <br />Industrial and Multi-Residential property classes; <br /> <br />AND WHEREAS the Council of The Municipality may pass a by-law to adopt the <br />provisions of Section 329.1 of The Act whereby a "floor" or minimum uncapped tax <br />percentage applies to eligible properties in one or more of the uncapped classes; <br /> <br />AND WHEREAS this by-law shall only apply to properties in the Commercial, <br />Industrial and Multi-Residential property classes to which Part IX of The Act applies; <br /> <br />AND WHEREAS in this by-law, ''uncapped taxes" means, the taxes for municipal and <br />school purposes that would be levied for the taxation year but for the application of Part <br />IX of The Act; <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 />providing minimum amounts for properties subject to the provisions of Section 331 for <br />the Commercial, Industrial and Multi-Residential property classes: <br /> <br />NOW THEREFORE the Council of the Corporation of the County of Essex hereby <br />enacts as follows: <br /> <br />1. THA l' paragraph 5 of Subsection 329.1 (1) of The Act shall apply to the <br />Commercial, Industrial and Multi-Residential property classes for 2005. <br /> <br />2. AND THAT for all properties that become eligible within the meaning of <br />subsection 331 (20) of The Act, the taxes for municipal and school purposes for <br />the year or portion of the year shall be the greater of, <br /> <br />a. The amount of the taxes determined for the property for 2005 under <br />subsection 331 (2), and <br />