TAX MATTERS - FARM LAND AWAITING DEVELOPMENT SUBCLASSES, TAX REDUCTION PERCENTAGES

1. This Regulation prescribes, for the purposes of paragraph 1 of subsection 313 (1) of the Act, the percentage reductions for the subclasses for farm land awaiting development prescribed under paragraph 1 of subsection 8 (1) of the Assessment Act for the following property classes: 1. The residential property class. 2. The multi-residential property class. 3. The commercial property class. 4. The industrial property class. O. Reg. 383/98, s. 1; O. Reg. 298/03, s. 1. First Subclass 2. The percentage reduction for the first subclass for the residential property class shall be no less than the following lower limit and no more than the following upper limit: 1. The lower limit is the percentage equal to the percentage reduction for the subclass for the preceding taxation year minus 10 percentage points, to a minimum of 25 per cent. 2. The upper limit is the percentage equal to the percentage reduction for the subclass for the preceding taxation year plus 10 percentage points, to a maximum of 75 per cent. O. Reg. 298/03, s. 2. 3. The percentage reduction for the first subclass for each property class, other than the residential property class, shall be the percentage which reduces the tax rates that would otherwise be levied for municipal purposes to a tax rate equal to the tax rate for the first subclass for the residential property class after the percentage reduction in section 2 is applied. O. Reg. 48/21, s. 1. Second Subclass 4. The percentage reduction for the second subclass for each property class shall be no more than 75 per cent. O. Reg. 383/98, s. 4.