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i 0 <br />Page 3 <br />By -law Number 3335 -98 (cont' d) <br />a) the vacant land, vacant units and excess land subclasses in the <br />commercial property class is 30 %; <br />b) the vacant land, vacant units and excess land subclasses in the <br />industrial property class is 35 %; <br />C) the first subclass of farmland awaiting development in the residential/farm <br />property class is 75 %; <br />d) the first subclass of farmland awaiting development in all other classes <br />except residential/farm property class be calculated as follows: <br />% Reduction = 100 - [100 - Reduction(Res/Farm)]/Ratio of Tax Rates <br />where, <br />"Reduction(Res/Farm) means the percentage reduction for the <br />municipality for the first subclass for the residential/farm property class, <br />"Ratio of Tax Rates" means the amount equal to the tax rate for the property <br />class divided by the tax rate for the residential/farm property class, <br />General <br />Library <br />Residential/Farm <br />0.003816 <br />0.000254 <br />Multi- Residential <br />0.007462 <br />0.000496 <br />Farmlands <br />0.000954 <br />0.000063 <br />Managed Forests <br />0.000954 <br />0.000063 <br />Commercial - Occupied <br />0.004082 <br />0.000271 <br />Commercial - Vacant and Excess Units <br />0.002858 <br />0.000190 <br />Parking Lot and Vacant Lands <br />0.002145 <br />0.000143 <br />Shopping Centre - Occupied <br />0.004448 <br />0.000296 <br />Shopping Centre - Vacant and Excess Units <br />0.003113 <br />0.000207 <br />Office Building - Occupied <br />0.004442 <br />0.000295 <br />Office Building - Vacant and Excess Units <br />0.003110 <br />0.000207 <br />Industrial - Occupied <br />0.007413 <br />0.000493 <br />Industrial - Vacant and Excess Units <br />0.004819 <br />0.000320 <br />Industrial - Vacant Lands <br />0.004819 <br />0.000320 <br />Industrial - Farmlands II <br />0.001853 <br />0.000123 <br />Large Industrial - Occupied <br />0.010251 <br />0.000681 <br />Large Industrial - Vacant and Excess Units <br />0.006663 <br />0.000443 <br />Pipelines <br />0.004973 <br />0.000331 <br />7. THAT the tax rate reductions for: <br />a) the vacant land, vacant units and excess land subclasses in the <br />commercial property class is 30 %; <br />b) the vacant land, vacant units and excess land subclasses in the <br />industrial property class is 35 %; <br />C) the first subclass of farmland awaiting development in the residential/farm <br />property class is 75 %; <br />d) the first subclass of farmland awaiting development in all other classes <br />except residential/farm property class be calculated as follows: <br />% Reduction = 100 - [100 - Reduction(Res/Farm)]/Ratio of Tax Rates <br />where, <br />"Reduction(Res/Farm) means the percentage reduction for the <br />municipality for the first subclass for the residential/farm property class, <br />"Ratio of Tax Rates" means the amount equal to the tax rate for the property <br />class divided by the tax rate for the residential/farm property class, <br />