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Page 3 <br />By -law Number 27 -2004 (cont'd) <br />PROPERTY CLASSES <br />Large Industrial <br />Occupied <br />Excess Land <br />Residential <br />Residential/Farm- Farmland 1 <br />Multi- Residential <br />Farmlands <br />Managed Forest <br />Pipeline <br />5. THAT the tax rate reductions for: <br />COUNTY TAX RATES <br />(cont'd) <br />0.010136 <br />0.006589 <br />0.003774 <br />0.000943 <br />0.007379 <br />0.000943 <br />0.000943 <br />0.004917 <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 amount to be raised by tax rates for County <br />purposes, in the amount of $53,344,462, as set out in Schedule 7 attached <br />hereto and forming part of this by -law, be adopted. <br />7. THAT the total to be raised by the local municipalities for 2004 County <br />purposes, as set out in Schedule 8 attached hereto and forming part of this by- <br />law be adopted. <br />