WHEREAS subsection 331(1) of the Municipal Act, 2001 as amended (hereinafter referred to as the "Act"), requires that eligible properties are taxed at the same level as comparable properties;

AND WHEREAS subsection 331(20) of the Act provides that an eligible property is a property to which subsection 329(7) of the Act applies, that ceases to be exempt from taxation for 2001 or thereafter, that was subdivided or was subject to a severance, whose classification changes for 2001 or a later year, or that is prescribed by the Minister of Finance;

AND WHEREAS subsection 331(20) of the Act provides that a comparable property is a property identified by the assessment corporation to be similar lands in the vicinity of the eligible property as defined in subsection 331(20) of the Act;

AND WHEREAS subsection 329.1(1) of the Act provides that a municipality, other than a lower-tier municipality, may pass a by-law to have one or more of the optional tools in paragraphs 1 to 8 of subsections 329.1(1) apply in the calculation of the amount of taxes for municipal and school purposes payable in respect of property in the commercial classes, industrial classes or multi-residential property class for 2005 or a subsequent taxation year;

AND WHEREAS paragraphs 5, 6, 7 and 8 of subsection 392.1(1) of the Act provide municipalities, which are authorized to pass a by-law under subsection 329.1(1) of the Act, with the option of establishing a minimum level of tax for taxing commercial, industrial or multi-residential properties that become eligible properties, as defined in subsection 331(20) of the Act, for the 2005, 2006, 2007 and 2008 or a subsequent taxation year;

AND WHEREAS the assistance provided to eligible properties, as defined in subsection 331(20) of the Act, adds administrative complexity and additional costs to the area municipalities;

AND WHEREAS the Council of the Regional Municipality of Peel deems it desirable to adopt the optional tools available to it under paragraphs 5, 6, 7 and 8 of subsection 329.1(1) of the Act to phase out the assistance afforded to eligible properties to promote fairness to taxpayers in the commercial, industrial and multi-residential property classes;

AND WHEREAS the Council of the Regional Municipality of Peel has by resolution adopted on the 7th April, 2005 authorized the presentation of this by-law for enactment;

NOW THEREFORE the Council of the Regional Municipality of Peel enacts as follows:

1.	In this by-law:
	"comparable properties" means a property identified by the assessment corporation to be similar lands in the vicinity of the eligible property as defined in subsection 331(20) of the Act; "eligible property" means an eligible property as defined in subsection 331(20) of the Act, meaning a property, (a) to which subsection 329(7) of the Act applies, (b) that ceases to be exempt from taxation for 2001 or thereafter, (c) that was subdivided or was subject to a severance, (d) whose classification changes for 2001 or a later year, or (e) that is prescribed by the Minister of Finance; "uncapped taxes" means, in respect of a taxation year, the taxes for municipal and school purposes that would be levied for the taxation year but for the application of Part IX of the Act.
2.	In determining the amount of taxes for municipal and school purposes for each eligible property in the commercial classes, industrial classes or multi-residential property class for the year, or a portion of the year, the following will apply:
	(1)	If, for all or part of 2005, a property becomes an eligible property, the taxes for municipal and school purposes for the year or portion of the year shall be the greater of,
		(i)	the amount of the taxes determined for the property for 2005 under subsection 331(2) of the Act, and
		(ii)	the amount of the uncapped taxes for the property for 2005 multiplied by 70 per cent.
	(2)	If, for all or part of 2006, a property becomes an eligible property the taxes for municipal and school purposes for the year or portion of the year shall be the greater of,
		(i)	the amount of the taxes determined for the property for 2006 under subsection 331(2) of the Act, and
		(ii)	the amount of the uncapped taxes for the property for 2006 multiplied by 80 per cent.
	(3)	If, for all or part of 2007, a property becomes an eligible property, the taxes for municipal and school purposes for the year or portion of the year shall be the greater of,
		(i)	the amount of the taxes determined for the property for 2007 under subsection 331(2) of the Act, and
		(ii)	the amount of the uncapped taxes for the property for 2007 multiplied by 90 per cent.
	(4)	If, for all or part of 2008 or a subsequent taxation year, a property becomes an eligible property, the taxes for municipal and school purposes for the year or portion of the year shall be the greater of,
		(i)	the amount of the taxes determined for the property for the taxation year under subsection 331(2) of the Act, and
		(ii)	the amount of the uncapped taxes for the property for the taxation year multiplied by 100 per cent.

 

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 14^th day of April, 2005.