PART V THE FINANCIAL CORPORATION
Tax exemption
84 (1) Despite the Assessment Act or any other general or special Act, the Financial Corporation and its property are not subject to taxation for municipal or school purposes, except for local improvements.  1998, c. 15, Sched. A, s. 84 (1). Annual payments to municipalities (2) The Financial Corporation shall pay in each year to any municipality in which are situated lands owned by the Financial Corporation or buildings used exclusively for executive, administrative or commercial purposes and owned by the Financial Corporation or buildings owned by the Financial Corporation and rented by it to other persons, an amount equal to the taxes for municipal and school purposes that would be payable if the lands and buildings were taxable.  1998, c. 15, Sched. A, s. 84 (2). Same (3) In addition to the amounts payable under subsection (2), the Financial Corporation shall pay in each year to any municipality in which are situated generating station buildings or structures or transformer station buildings or structures owned by the Financial Corporation, an amount equal to the taxes for municipal and school purposes that would be payable if the buildings or structures were taxable and the assessed value were determined on the basis of $86.11 for each square metre of inside ground floor area of the actual building or structure housing the generating, transforming and auxiliary equipment and machinery.  1998, c. 15, Sched. A, s. 84 (3). Same (4) In addition to the amounts payable under subsections (2) and (3), the Financial Corporation shall pay in each year, to any municipality in which land owned by it and described in paragraph 2 of subsection 315 (1) of the Municipal Act, 2001 or paragraph 2 of subsection 280 (1) of the City of Toronto Act, 2006, as the case may be, is situate, an amount equal to the tax that would be imposed under section 315 of the Municipal Act, 2001 or section 280 of the City of Toronto Act, 2006, as the case may be, on that land if the land were taxable.  2006, c. 32, Sched. C, s. 16 (2). Same (5) The Financial Corporation shall pay in each year to any municipality in which is situated land owned by it and used as a transmission or distribution corridor and leased to another person for rent or other valuable consideration, an amount equal to the taxes for municipal and school purposes that would be payable if the land were taxable and subsection (2) does not apply with respect to the land.  1998, c. 15, Sched. A, s. 84 (5). Limitation (6) Despite subsections (2) and (3), the total amount payable thereunder by the Financial Corporation to any municipality in any year shall not exceed 50 per cent of the total of the amounts required for the purposes of the municipality and of all of its local boards being raised by the imposition, rating and levying of all rates, assessments and taxation, except local improvement rates, upon rateable property in the municipality in that year.  1998, c. 15, Sched. A, s. 84 (6). Use of valuations for computing rates (7) The valuations made under this section shall be used for the purpose of computing upper-tier municipality rates, school rates and legislative grants in all respects as though the properties valued were not exempt from taxation for such purposes.  1998, c. 15, Sched. A, s. 84 (7); 2002, c. 17, Sched. F, Table. Valuation (8) The assessments and assessed values referred to in this section are valuations made in each year for the purposes of this section by the Municipal Property Assessment Corporation, and subject to subsections (2), (3) and (14), the valuation shall be made on the same basis as real property liable to municipal taxation in the municipality.  1998, c. 15, Sched. A, s. 84 (8); 2001, c. 8, s. 205 (1). Minister of Finance’s decision (9) The decision of the Minister of Finance as to whether this section applies to any property of the Financial Corporation is final.  1998, c. 15, Sched. A, s. 84 (9). Valuation notice (10) The Municipal Property Assessment Corporation shall, on completion of the valuation of the Financial Corporation’s property in a municipality, deliver or mail to the clerk of the municipality and to the Financial Corporation a notice setting out the valuations referred to in subsection (8).  1998, c. 15, Sched. A, s. 84 (10); 2001, c. 8, s. 205 (1). Appeals (11) The municipality or the Financial Corporation may appeal to the Assessment Review Board against the valuation and a notice of appeal to the Board under this subsection shall be sent by the party appealing, by registered mail, to the secretary of the Board within 90 days after the notice of the valuation has been delivered or mailed under subsection (10).  1998, c. 15, Sched. A, s. 84 (11). Hearing (12) Upon receipt of a notice of appeal under this section, the secretary of the Assessment Review Board shall arrange a time and place for hearing the appeal and shall send notice thereof to all parties concerned in the appeal at least 14 days before the hearing.  1998, c. 15, Sched. A, s. 84 (12). Jurisdiction on appeal (13) The Assessment Review Board upon appeal shall determine the amount at which the property in question shall be valued and its decision is final and binding and there is no appeal therefrom.  1998, c. 15, Sched. A, s. 84 (13). Exemptions (14) In making the valuations referred to in subsection (8), there shall be no value included for machinery whether fixed or not nor for the foundation on which it rests, works, structures other than buildings or structures referred to in subsection (2) or (3), substructures, superstructures, rails, ties, poles, towers, lines nor any of the things excepted from exemption from taxation by paragraph 17 of section 3 of the Assessment Act, nor for other property, works or improvements not referred to in subsection (2) or (3), nor for an easement or the right or use of occupation or other interest in land not owned by the Financial Corporation.  1998, c. 15, Sched. A, s. 84 (14). (15) Repealed:  2001, c. 8, s. 205 (2). Section Amendments with date in force (d/m/y) 2001, c. 8, s. 205 (1, 2)
- 29/06/2001 2002, c. 17, Sched. F, Table - 01/01/2003 2006, c. 32, Sched. C, s. 16 (2) - 01/01/2007 Repeal, Part V 84.1 (1) This Part is repealed on a day to be named by proclamation of the Lieutenant Governor.  2000, c. 42, s. 23. Dissolution of Financial Corporation (2) On the day this Part is repealed, the Financial Corporation is dissolved and its assets and liabilities are transferred to Her Majesty in right of Ontario.  2000, c. 42, s. 23. Restriction on proclamation (3) No proclamation shall be issued under this section unless, in the opinion of the Minister of Finance, substantially all the debts and other liabilities of the Financial Corporation have been retired or defeased.  2000, c. 42, s. 23. Determination final (4) The determination of the Minister of Finance that substantially all the debts and other liabilities of the Financial Corporation have been retired or defeased is final and conclusive and shall not be stayed, varied or set aside by any court.  2000, c. 42, s. 23. Section Amendments with date in force (d/m/y) 2000, c. 42, s. 23
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