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By -law # 06 -2014 <br />Page 3 <br />Property <br />Industrial <br />Rates <br />Occupied <br />0.00868692 <br />Excess Land <br />0.00564650 <br />Vacant Land <br />0.00564650 <br />Industrial Farmland Class 1 <br />0.00111801 <br />Large Industrial <br />Occupied <br />0.01201232 <br />Vacant Land <br />0.00780801 <br />Pipeline <br />0.00582706 <br />5. THAT the tax rate reductions for: <br />a) The vacant and excess land subclasses in the <br />commercial property class is 30 %; <br />b) The vacant and excess land subclasses in the <br />industrial property class is 35 %; <br />c) The first subclass of farmland awaiting development <br />in the residential /farm property class is 75 %; <br />d) The first subclass of farmland awaiting development <br />in all other classes is calculated as: <br />Percentage Reduction = 100 - [(100 -R) /T] <br />R is the percentage reduction for the municipality for <br />the first subclass for the residential property class; <br />and <br />T is the amount equal to the tax rate for the <br />property class divided by the tax rate for the <br />residential property class, <br />e) The second subclass of farmland awaiting <br />development for all property classes is 75 %. <br />6. THAT the distribution of the amount to be raised by tax <br />rates for County purposes, in the amount of $ 77,930,675 <br />as set out in Schedule 7 attached hereto and forming part <br />of this by -law, be adopted. <br />7. THAT the total to be raised by the local municipalities for <br />2014 County purposes, as set out in Schedule 8 attached <br />hereto and forming part of this by -law, be adopted. <br />8. THAT pursuant to Subsection 21 of Section 311 of the <br />Municipal Act, 2001, S.O. 2001, c.25, as amended, the <br />