ontario regulation 342/12
made under the
Municipal Act, 2001
Made: November 5, 2012
Filed: November 5, 2012
Published on e-Laws: November 6, 2012
Printed in The Ontario Gazette: November 24, 2012
Amending O. Reg. 73/03
(TAX MATTERS — SPECIAL TAX RATES AND LIMITS, 2003 AND LATER YEARS)
1. The title of Ontario Regulation 73/03 is revoked and the following substituted:
TAX MATTERS — SPECIAL TAX RATES AND LIMITS
2. Section 2 of the Regulation is amended by adding the following subsection:
(2) Subsections 22 (3.1) and (3.2) also apply for the 2001 and 2002 taxation years.
3. Subsection 22 (3) of the Regulation is amended by adding the following paragraph:
1.2 A portion of a property, if that portion would otherwise be eligible property only because of a change in classification and if that portion satisfies the following conditions:
i. After the change in classification, the portion is deemed to be a separate property under subsection 327 (3) of the Act.
ii. After the change in classification, the portion is in the same class of property as in the previous year.
iii. In the previous year, the portion was subject to Part IX of the Act.
4. Section 22 of the Regulation is amended by adding the following subsections:
(3.1) Paragraphs 1.1 and 1.2 of subsection (3) are deemed to have applied in 2001 and subsequent taxation years.
(3.2) However, subsection (3.1) does not apply with respect to a property for a taxation year before 2008,
(a) if the assessment corporation provided a list of comparable properties to the local municipality under subsection 331 (8) of the Act or subsection 447.70 (8) of the old Act; and
(b) if it did so as a result of a change in classification of the property as described in paragraph 1.1 or 1.2 of subsection (3).
5. This Regulation comes into force on the day it is filed.
Dwight Douglas Duncan
Minister of Finance
Date made: November 5, 2012.