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Page 3 <br />By -law Number 21 -2008 (cont'd) <br />PROPERTY CLASSES COUNTY TAX RATES <br />(cont'd) <br />Large Industrial <br />Occupied <br />0.01066366 <br />Excess Land <br />0.00693138 <br />Residential <br />0.00396994 <br />Residential - Farmland 1 <br />0.00099250 <br />Multi- Residential <br />0.00776282 <br />Farm <br />0.00099250 <br />Managed Forest <br />0.00099250 <br />Pipeline <br />0.00517283 <br />5. THAT the tax rate reductions for: <br />a) The vacant and excess land subclasses in the commercial property <br />class is 30 %; <br />b) The vacant and excess land subclasses in the industrial property <br />class is 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 <br />classes except residential /farm property class be calculated as <br />follows: <br />% Reduction = 100 - 1100 - 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 <br />property class divided by the tax rate for the residential /farm property <br />class, <br />e) The second subclass of farmland awaiting development for all <br />property 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 $63,356,626, 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 2008 County <br />purposes, as set out in Schedule 8 attached hereto and forming part of this <br />by -law, be adopted. <br />