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O. Reg. 66/04: Tax Matters - Special Tax Rates and Limits, 2003 and Later Years
filed March 16, 2004 under Municipal Act, 2001, S.O. 2001, c. 25
Skip to contentontario regulation 66/04
made under the
Municipal Act, 2001
Made: March 15, 2004
Filed: March 16, 2004
Printed in The Ontario Gazette: April 3, 2004
Amending O. Reg. 73/03
(Tax Matters — Special Tax Rates and Limits, 2003 and Later Years)
1. Section 3 of Ontario Regulation 73/03 is amended by adding the following subsection:
(3.1) Despite clause (2) (a), for the 2004 taxation year, a municipality may elect to apply a different tax rate for the general levy for a taxation year for the property class that does not exceed the rate determined using the formula:
in which,
“G” is the actual tax rate for the residential property class as calculated under section 11, excluding the tax rate for school purposes,
“H” is the notional tax rate for the residential property class as calculated under section 12, excluding the tax rate for school purposes, and
“I” is the notional tax rate, as calculated under section 12, for the property class to which subsection 311 (7) or 312 (7) of the Act applies, excluding the tax rate for school purposes.
2. (1) Subsection 8 (1) of the Regulation is amended by striking out “under subsection (2)” and substituting “under subsection (2) or (4)”.
(2) Section 8 of the Regulation is amended by adding the following subsection:
(4.1) For the 2004 taxation year, if a municipality has elected under subsection 3 (3.1) to apply a different tax rate for the general levy for a property class, the revenue limit for the year under subsection (4) shall be deemed to be the amount determined under the following rules:
1. For each property class for which the municipality has elected under subsection 3 (3.1), determine the increase in revenue for the year for the property class as a result of the election.
2. Add the amounts determined under paragraph 1 to the revenue limit for 2004 that would otherwise be determined under subsection (4) without the application of this subsection.
Made by:
Gregory Sorbara
Minister of Finance
Date made: March 15, 2004.