Determination of maximum taxes after 2001
 23. (1) Except as otherwise provided in this section and section 24, the amount of the taxes for school purposes for a taxation year after 2001 for a property is the amount calculated as follows: 1. Determine the amount of the taxes for school purposes for the previous year for the property under subsection (2). 2. Add five per cent of the amount determined under paragraph 1.  O. Reg. 3/02, s. 23 (1). (2) The taxes for the previous year for a property are determined as follows: 1. Determine the taxes for school purposes that were levied on the property for the year. 2. If a supplementary assessment or change in classification is made under section 34 of the Assessment Act during the year or if an assessment or change in classification could have been made under section 34 of that Act and the appropriate change is made on the assessment roll for taxation in the taxation year, recalculate the taxes determined under paragraph 1 as if the increase in the assessment or change in classification, as the case may be, had applied to the property for all of the year. 3. If the assessment of a property whose classification is in the sub-class for vacant land on the assessment roll for taxation in the taxation year increases as a result of an improvement to that property during the year and if no portion of any building on the property begins to be used for any purpose during the year, recalculate the taxes determined under paragraph 1 as if the increase in the assessment had applied to the property for all of the year. 4. If any taxes for school purposes for the year are cancelled, reduced or refunded under section 442 of the Municipal Act for the year on an application under clause 442 (1) (a), (a.1), (c) or (f) of that Act or under section 443 of that Act for the year, recalculate the taxes determined under paragraph 1 as if the event that caused the cancellation, reduction or refund had occurred on January 1 of the year.  O. Reg. 3/02, s. 23 (2). (3) If, as a result of a request under section 39.1 of the Assessment Act, a complaint under section 40 of that Act, an application under section 46 of that Act, an application under section 447.26 of the Municipal Act or a determination under section 447.26.1 of that Act, the taxes for school purposes for a property for the previous year are recalculated, the amount under paragraph 1 of subsection (2) must be adjusted accordingly.  O. Reg. 3/02, s. 23 (3). (4) If, as a result of an assessment under subsection 32 (2) of the Assessment Act or section 33 of the Assessment Act, the total taxes for school purposes for a property for the previous year are altered, the amount under paragraph 1 of subsection (2) must be adjusted accordingly.  O. Reg. 3/02, s. 23 (4). (5) If the levying board cancels, reduces or refunds taxes for school purposes for the taxation year, on an application made under clause 442 (1) (c) of the Municipal Act or under another provision of that Act prescribed by the Minister of Finance under subsection 447.65 (6.2) of that Act, the amount of the cancellation, reduction or refund is calculated using the formula, A/B × C in which, “A” is the amount of the cancellation, reduction or refund of taxes for the year, but for the application of this Part, “B” is the amount of taxes for the year (without deducting the amount of the cancellation, reduction or refund of taxes) that would have been payable but for the application of this Part, and “C” is the amount of taxes for the year that would be payable under this Part if no application were made. O. Reg. 3/02, s. 23 (5). (6) If an additional assessment is made in respect of property, other than property described in subsection 24 (2), that increases the assessment of the property in the taxation year, (a) subsection (1) does not apply to the additional taxes for school purposes attributable to the increase in the assessment; and (b) the amount of the additional taxes for school purposes is calculated using the formula, T = CT/NT × CVAT in which, “T” is the amount of the additional taxes for school purposes, “CT” is the amount determined under subsection (1), and “NT” is the amount of the uncapped taxes for the year, but does not include the amount of  “CVAT”, “CVAT” is the amount of supplementary taxes for school purposes that would have been payable but for the application of this subsection. O. Reg. 3/02, s. 23 (6). (7) Despite subsection (6), the taxes for school purposes for the property for the taxation year or portion of the year in respect of which one of the following assessments is made must be recalculated on the basis that this Part does not apply: 1. An additional assessment that relates to a new building or structure erected on the property that was, prior to the assessment, assessed for the taxation year as being in the sub-class for vacant land under paragraph 2 of subsection 8 (1) of the Assessment Act. 2. An additional assessment for the taxation year or for the taxation year and the previous year or any portion of those years, that resulted in the assessment of the property increasing by an amount equal to or greater than 50 per cent of the assessment on the assessment roll before the additional assessment was made.  O. Reg. 3/02, s. 23 (7). (8) Despite paragraph 2 of subsection (7), if an additional assessment is made for the previous year and for the taxation year, the percentage referred to in that paragraph is the percentage determined as follows: 1. Determine the additional assessment for the previous year. 2. Determine the assessment on the assessment roll for taxation in the previous year before the additional assessment referred to in paragraph 1 was made. 3. Divide the amount in paragraph 1 by the amount in paragraph 2. 4. Multiply the quotient in paragraph 3 by 100. 5. Add the amounts in paragraphs 1 and 2. 6. Divide the amount in paragraph 2 by the amount in paragraph 5. 7. Multiply the quotient determined in paragraph 6 by the assessment on the assessment roll for taxation in the taxation year. 8. Determine the additional assessment for taxation year. 9. Divide the amount in paragraph 8 by the amount in paragraph 7. 10. Multiply the quotient in paragraph 9 by 100. 11. Add the percentages in paragraphs 4 and 10.  O. Reg. 3/02, s. 23 (8). (9) If the percentage in paragraph 11 of subsection (8) is equal to or greater than 50, subsection (7) applies for the taxation year.  O. Reg. 3/02, s. 23 (9). (10) Despite subsection (1) but subject to section 24, if the amount determined under subsection (1) exceeds the uncapped taxes, the taxes for school purposes under this Part are equal to the uncapped taxes.  O. Reg. 3/02, s. 23 (10).