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Page 3 <br />By -law Number 20 -2007 (cont'd) <br />PROPERTY CLASSES <br />Large Industrial <br />Occupied <br />Excess Land <br />Residential <br />Residential - Farmland 1 <br />Multi - Residential <br />Farm <br />Managed Forest <br />Pipeline <br />5. THAT the tax rate reductions for: <br />COUNTY TAX RATES <br />(cont'd) <br />0.01058866 <br />0.00688263 <br />0.00394202 <br />0.00098551 <br />0.00770823 <br />0.00098551 <br />0.00098551 <br />0.00513645 <br />a) The vacant and excess land subclasses in the commercial property class is <br />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 /farin 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 - 1100 - Reduction (Res /Farm) ] /Ratio of Tax Rates where, <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 class <br />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 $61,867,351, as set out in Schedule 7 attached hereto <br />and forn - iing part of this by -law, be adopted. <br />7. THAT the total to be raised by the local municipalities for 2007 County purposes, <br />as set out in Schedule 8 attached hereto and forming part of this by -law, be <br />adopted. <br />