1. In this Regulation, “commercial assessment” means, according to the last returned assessment roll, (a) the assessment of real property in class 3 and class 4 as defined in Schedule 1 to Ontario Regulation 267/94, and (b) the business assessment, under section 7 of the Assessment Act, as determined by reference to the assessed value of real property in classes 1, 2, 3, 4, 5 and 6 as defined in Schedule 1 to Ontario Regulation 267/94, but does not include the assessment on property for which a payment in lieu of taxes is payable; “commercial or industrial property” means a separate parcel of real property subject to a commercial assessment, but excludes pipelines as defined in subsection 25 (1) of the Assessment Act; “1993 business tax responsibility” means, (a) in respect to a business on land comprising the City of London as of December 31, 1992, the product of 355.429 mills and the commercial assessment for that business as shown on the last revised assessment roll of the City of London for the purposes of the interim tax levy in 1994 under subsection 156 (2) of the Municipal Act, or (b) in respect to a business on land annexed to the City of London under clause 2 (1) (a) of the Act, the product of the 1993 commercial mill rate of the City of London for general municipal and education purposes applicable to that business and the commercial assessment for that business as shown on the last revised assessment roll of the City of London for the purposes of the interim tax levy in 1994 under subsection 156 (2) of the Municipal Act; “1993 commercial tax responsibility” means, (a) in respect to a commercial or industrial property in the land comprising the City of London as of December 31, 1992, the product of 355.429 mills and the commercial assessment on that property as shown on the last revised assessment roll of the City of London for purposes of the interim tax levy in 1994 under section 156 (1) of the Municipal Act, or (b) in respect to a commercial or industrial property in the land annexed to the City of London under clause 2 (1) (a) of the Act, the product of the 1993 commercial mill rate of the City of London for general municipal and education purposes applicable to that property and the commercial assessment on that property as shown on the last revised assessment roll of the City of London for purposes of the interim tax levy in 1994 under subsection 156 (1) of the Municipal Act; “1993 residential tax responsibility” means, (a) in respect to a residential or farm property in the land comprising the City of London as of December 31, 1992, the product of 302.115 mills and the assessment on that property as shown on the last revised assessment roll of the City of London for purposes of the interim tax levy in 1994 under subsection 156 (1) of the Municipal Act, or (b) in respect to a residential or farm property in the land annexed to the City of London under clause 2 (1) (a) of the Act, the product of the 1993 residential mill rate of the City of London for general municipal and education purposes applicable to that property and the assessment on that property shown on the last revised assessment roll of the City of London for purposes of the interim tax levy in 1994 under subsection 156 (1) of the Municipal Act; “payment in lieu of taxes” means payment in lieu of taxes as defined in subsection 366 (1) of the Municipal Act; “residential and farm assessment” means, according to the last returned assessment roll, the assessment of real property in classes 1, 2 and 5 as defined in Schedule 1 to Ontario Regulation 267/94, but does not include the assessment on property for which a payment in lieu of taxes is payable; “residential or farm property” means a separate parcel of real property subject to a residential and farm assessment; “treasurer” means the treasurer of The Corporation of the City of London. O. Reg. 291/94, s. 1; O. Reg. 818/94, s. 1.