|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 44-2001|
A by-law to establish a Percentage by which Tax Decreases are limited for 2001 for Properties in the Commercial, Industrial and Multi-Residential Property Classes.
WHEREAS subsection 447.67(1) of the Municipal Act (the "Act") provides that the council of a municipality, other than a lower-tier municipality, may pass a by-law to establish a percentage by which tax decreases are limited for 2001 in respect of properties in any property class subject to Part XXII.3 of the Act in order to recover all or part of the revenues foregone as a result of the application of section 447.65 of the Act to other properties in the property class; and
WHEREAS subsection 447.67(3) of the Act provides that such a by-law must establish the same percentage for all properties in a property class, but may establish different percentages for different property classes; and
WHEREAS subsection 447.67(4) of the Act requires that a tax decrease percentage for a property for a year shall be determined in accordance with paragraphs 1 through 4 of the subsection: and
WHEREAS subsection 447.63(4) of the Act provides that Part XXII.3 of the Act applies to the commercial, industrial and multi-residential property classes; and
WHEREAS subsection 447.63(5) of the Act provides that Part XXII.3 of the Act does not apply to certain properties described therein;
NOW THEREFORE, The Council of the Regional Corporation enacts as follows:
1. Tax decreases for the 2001 taxation year on properties in the Regional Municipality of Peel in the property class set out in Column I and to which Part XXII.3 of the Act applies shall, in 2001, be limited by the percentage of the tax decrease set out in Column II in order to recover the revenues foregone as a result of the application of section 447.65 of the Municipal Act to other properties in the property class, so that the percentage of the tax decrease set out in Column III is the decrease received in 2001 by such properties:
Column I Column II Column III (Property Class) (Clawback %) (Allowable Decrease %) Commercial 61.532134% 38.467866% Industrial 52.672675% 47.327325% Multi-residential 100.0% 0%
2. Adjustments shall be made between the Regional Corporation and the lower-tier municipalities so that no lower-tier municipality has a surplus or shortfall as a result of the application of this by-law.
3. If the Regional Corporation experiences a shortfall as a result of the application of section 2, such shortfall shall be shared by the Regional Corporation and the lower-tier municipalities in the same proportion as they share in the taxes levied on the applicable property class for municipal purposes.
4. Nothing in this by-law shall prevent the Regional Corporation from assisting a lower-tier municipality in connection with its share of a shortfall experienced as a result of the application of Sections 3 and 4.
READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this September 13, 2001