32-2010 Adopting Optional Tax Capping Tools By-law 2010

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By-law # 32-2010 Page 2 d) Exempt from the application of Part IX of The Act a property which meets any of the following conditions: (i) The taxes for the property in the previous year were equal to its uncapped taxes for that year; or (ii) As a result of Part IX of The Act, the taxes for the property in the previous year were lower than the property's uncapped taxes for that year, but in the current year, if Part IX of The Act applied, the property's taxes would be equal to its uncapped taxes, or a tax decrease for the property would be limited; or (iii) A tax decrease for the property in the previous year was limited under Part IX of The Act, but in the current year, if Part IX of The Act applied, the property's taxes could be equal to its uncapped taxes, or a tax increase for the property would be limited. ►ND WHEREAS a by-law passed to adopt the provisions of subsection 29.1 paragraphs 1 and 2 of The Act provides that such provisions hall also apply to section 332 of The Act with respect to the "tenant ap" calculations; ND WHEREAS the Council has reviewed the provisions of Section 29.1 of The Act and hereby deems it necessary and appropriate to dope optional tools for the purpose of administering limits for the ornmercial, Industrial and Multi-Residential property classes: NOW THEREFORE the Council of the Corporation of the County of Essex hereby enacts as follows: 1. THAT paragraphs 1, 2, and 3, of Subsection 329.1 (1) of The Act shall apply to the Commercial, Industrial and Multi- Residential property classes for 2010. 2. THAT paragraphs 1 and 2 of Subsection 8.0.2 of Ontario Regulation 160/09 made under The Act shall apply to the Commercial, Industrial and Multi-Residential property classes for 2010. 3. AND THAT i) In determining the amount of taxes for municipal and school purposes for the year under subsection 329 (1) and