28-2011 Adopting Optional Tax Capping Tools By-law 2011

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THE CORPORATION OF THE COUNTY OF ESSEX BY -LAW # 28 -2011 A BY -LAW TO ADOPT OPTIONAL TOOLS FOR THE P O F ADMINIS L -_FOR THE COMMERCIAL, INDUSTRIAL AND MULTI - RESIDENTIAL PROPERTY CLASSES FOR 2011 WHEREAS the Corporation of the County of Essex (hereinafter referred to as "The Municipality ") may, in accordance with section 329.1 of the Municipal Act, 2001, S.O. 2001 c.25, as amended (hereinafter referred to as "The Act') modify the provisions and limits set out in section 329 of The Act, with respect to the calculation of taxes for municipal and school purposes payable in respect of property in the commercial, industrial and multi - residential property class; AND WHEREAS the municipality must similarly modify the provisions and limits set out in section 352 of The Act with respect to the "tenant cap" calculations; AND WHEREAS this by -law shall only apply to properties in any of the Commercial, Industrial and Multi - Residential property classes to which Part IX of The Act applies; AND WHEREAS for the purposes of this by -law the commercial classes shall be considered a single property class and the industrial classes shall be deemed to be a single property class; AND WHEREAS "uncapped taxes" means, the taxes for municipal and school purposes that would be levied for the taxation year but for the application of Part IX of The Act. AND WHEREAS The Council may pass a by -law to apply any one or any combination of the following options: a) Increase the annual cap from 5% of.last year's capped taxes up to a maximum of 10% of last year's capped taxes; and /or b) Set an upper limit on annual increases at the greater of the amount calculated under (a) and up to 5% of the previous year's annualized CVA tax; and /or c) Up to a maximum $250 threshold may be set for increasing properties, decreasing properties or both; and /or