O. Reg. 443/12: TRADITIONAL MUNICIPAL TAXES, LIMITS AND COLLECTION

Link to law: http://www.ontario.ca/laws/regulation/r12443
Published: 2012-12-20

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ontario regulation 443/12

made under the

City of Toronto Act, 2006

Made: December 14, 2012
Filed: December 20, 2012
Published on e-Laws: December 20, 2012
Printed in The Ontario Gazette: January 5, 2013


Amending O. Reg. 121/07

(TRADITIONAL MUNICIPAL TAXES, LIMITS AND COLLECTION)

1. The definitions of “previous year” and “qualifying taxation year” in subsection 1 (1) of Ontario Regulation 121/07 are revoked and the following substituted:

“previous year” means, in respect of a taxation year, the immediately preceding taxation year;

“qualifying taxation year” means the 2013 taxation year;

2. Paragraph 2 of subsection 2.2 (4) of the Regulation is revoked and the following substituted:

2. In determining the total assessment of the properties in a property class for the qualifying taxation year, the City may elect to exclude the assessment of a property in the property class,

i. if the current value of the property,

A. has, before any adjustment under subsection 19.1 (3) of the Assessment Act, increased by 100 per cent or such greater percentage as the City elects since 2012, or

B. has decreased by 25 per cent or such greater percentage as the City elects since 2012, and

ii. if the City also excludes the assessment of the property in determining the total assessment of the properties in the property class for the previous year.

Commencement

3. This Regulation comes into force on the later of January 1, 2013 and the day it is filed.

Made by:

Dwight Douglas Duncan

Minister of Finance

Date made: December 14, 2012.