THE REGIONAL MUNICIPALITY OF PEEL |
BY-LAW NUMBER 50-2004 |
A by-law
to establish percentages by which tax decreases are limited for 2004 for
properties in the Commercial, Industrial and Multi-residential property
classes in order to fund the Five Per Cent Cap in those classes and to
delegate to the Treasurer and Commissioner of Finance the function of
calculating and determining the numerical value of such percentages.
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WHEREAS subsection 330(1) of the Municipal
Act, 2001 (the "Act") provides that a municipality, other than a lower-tier
municipality, may pass a by-law to establish a percentage by which tax decreases
are limited for a taxation year in respect of properties in any property class
subject to Part IX of the Act in order to recover all or part of the revenues
foregone as a result of the application of section 329 to other properties in
the property class; and
AND WHEREAS subsection 330(2) of the Act provides that such a by-law must apply
to all properties in the property class whose taxes for municipal and school
purposes for the previous year, as determined under subsection 329(2) exceed
their taxes for municipal and school purposes for the taxation year as adjusted
in accordance with the regulations in respect of changes in taxes for municipal
purposes and changes in taxes for school purposes: and
AND WHEREAS subsection 330(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
AND WHEREAS subsection 330(4) of the Act requires that a tax decrease limitation
percentage for a property for a year shall be determined in accordance with
paragraphs 1 through 4 of the subsection: and
AND WHEREAS subsection 327(4) of the Act provides that Part IX of the Act applies
to the commercial, industrial and multi-residential property classes;
AND WHEREAS subsection 330(6) of the Act requires that a by-law made under subsection
330(1) to establish a tax decrease limitation percentage shall also require
that adjustments shall be made between the upper-tier municipality and lower-tier
municipalities so that no lower-tier municipality has a surplus or shortfall
as a result of the application of the by-law;
AND WHEREAS subsection 330(7) of the Act provides that if the upper-tier municipality
experiences a shortfall as a result of the application of subsection 330(6)
the by-law made under subsection 330(1) shall provide that any shortfall shall
be shared by the upper-tier municipality and the lower-tier municipalities in
the same proportion as those municipalities share in the taxes levied on the
property class for municipal purposes;
AND WHEREAS the area municipalities have been delayed in setting local tax ratios
as a result of the additional time required to review the optional tool introduced
by the Minister of Finance on March 15, 2004 to neutralize the effects of this
year's reassessment on the residential property class, and the time required
to obtain and apply local tax ratios required to establish tax rates and resultant
requirements;
AND WHEREAS it is unlikely that the processing of a report recommending the
clawback factors would be completed prior to Regional Council's meeting on July
8, 2004 thereby causing delays in the issuance of the final tax bills for the
capped property classes and resultant financial impacts on the area municipalities
and the Region of Peel;
NOW THEREFORE, The Council of the Regional Corporation enacts as follows:
1. That percentages are hereby established to limit tax decreases for the 2004 taxation year in respect of properties in the Regional Municipality of Peel in the property classes referred to in Column I in order to recover all of the revenues foregone as a result of the application of section 329 of the Act to other properties in the property class.
Column I (Property Class) |
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Commercial | |
Industrial | |
Multi-residential |
2. That the authority to calculate and determine the numerical value of the percentages established by section 1 of this by-law be delegated to the Treasurer and Commissioner of Finance.
3. That the numerical value of the percentages calculated and determined by the Treasurer and Commissioner of Finance pursuant to section 2 of this by-law shall be deemed to be established pursuant to section 1 of this by-law without a requirement of further enactment or ratification by the Council of the Regional Corporation.
4. Adjustments shall be made between the Regional Municipality of Peel and its lower-tier municipalities so that no lower-tier municipality has a surplus or shortfall as a result of the application of this by-law.
5. If the Regional Municipality of Peel experiences a shortfall as a result
of the adjustments made in order to eliminate any surplus or shortfall at each
of its lower-tier municipalities, the shortfall shall be shared by the Regional
Municipality of Peel and its lower-tier municipalities in the same proportion
as those municipalities share in the taxes levied on the property class for
municipal purposes.
READ THREE TIMES AND FINALLY PASSED
IN OPEN COUNCIL this 24th day of June, 2004.
C.
Gravlev ________________________ Regional Clerk |
E.
Kolb ______________________ Regional Chair |