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Page 3 <br />By -law Number 15 -2003 (cont'd) <br />Large Industrial <br />Occupied <br />0.010403 <br />Vacant Excess Land ,. <br />0.006762 <br />Residential/Farm <br />0.003873 <br />Residential/Farm- Farmland 1 <br />0.000968 <br />Multi- Residential <br />0.007573 <br />Farmlands <br />0.000968 <br />Managed Forest <br />0.000968 <br />Pipeline <br />0.005046 <br />5. THAT the tax rate reductions for: <br />a) The vacant and excess land subclasses in the commercial property class <br />is 30 %; <br />b) The vacant and excess land subclasses in the industrial property class is <br />35 %; <br />C) The first subclass of farmland awaiting development in the <br />residential/farm 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 />where, <br />% Reduction = 100 - [100 - Reduction (Res/Farm)]/Ratio of Tax Rates <br />Reduction(Res/Farm) means the percentage reduction for the municipality for <br />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 />e) The second subclass of farmland awaiting development for all property <br />classes is 75 %. <br />6. THAT the distribution of the net levy in the amount of $48,251,030 for County <br />purposes as set out in Schedule 7 attached hereto and forming part of this by- <br />law be adopted. <br />7. THAT the total to be contributed by the local municipalities for 2003 County <br />purposes, as set out in Schedule 8 attached hereto and forming part of this by- <br />law be adopted. <br />