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Page 3 <br />By -law Number 16 -2009 (cont'd) <br />PROPERTY CLASSES <br />Large Industrial <br />Occupied <br />Excess Land <br />Residential <br />Residential - Farmland I <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 />0.01089079 <br />0.00707901 <br />0.00405450 <br />0.00101363 <br />0.00792811 <br />0.00101363 <br />0.00101363 <br />0.00528301 <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 /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 />% Reduction = 100 - [100 - 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 $ 64,998,431, as set out in Schedule 7 attached hereto <br />and forming part of this by -law, be adopted. <br />7. THAT the total to be raised by the local municipalities for 2009 County purposes, <br />as set out in Schedule 8 attached hereto and forming part of this by -law, be <br />adopted. <br />