Adjustments, general local municipality levy
3 (1) This section applies with respect to the tax rates levied to raise the general local municipality levy under section 312 of the Municipal Act, 2001.  2000, c. 43, s. 3 (1); 2002, c. 17, Sched. F, Table. Interpretation (2) A reference in this section to the assets or liabilities of an area is a reference to the assets or liabilities on December 31, 2000 of the former municipality that comprises the area and of its local boards.  2000, c. 43, s. 3 (2). Decrease in tax rates (3) Subject to subsections (5) to (7), the city may by by-law decrease the tax rates that would otherwise apply on the assessment within an area if, (a) the council considers that it would be unfair that the taxpayers in the area not receive direct benefit from the assets or any class of assets of the area; and (b) the amount of taxes lost by decreasing the tax rates does not exceed the value of the assets referred to in clause (a).  2000, c. 43, s. 3 (3). Increase in tax rates (4) Subject to subsections (5) to (7), the city may by by-law increase the tax rates that would otherwise apply on the assessment within an area if, (a) the council considers that it would be unfair that the taxpayers outside the area be responsible for the liabilities or any class of liabilities of the area; and (b) the amount of taxes gained by increasing the tax rates does not exceed the value of the liabilities referred to in clause (a).  2000, c. 43, s. 3 (4). Restriction (5) The city shall not pass a by-law under this section for 2009 or a subsequent year.  2000, c. 43, s. 3 (5). Same (6) The city shall not pass a by-law under this section for a particular year after 2001 with respect to an area unless the city passed a by-law under this section with respect to the area, (a) in 2001; and (b) every year after 2001 and before the particular year.  2000, c. 43, s. 3 (6). Same (7) In any year, increases or decreases, as the case may be, in the tax rates on different classes of property in an area must bear the same proportion to each other as the proportion of the applicable tax ratios established under section 308 of the Municipal Act, 2001 for the property classes for the year.  2000, c. 43, s. 3 (7); 2002, c. 17, Sched. F, Table. Budget (8) The city shall include in its budget for a year, as adopted under section 290 of the Municipal Act, 2001, the amounts resulting from an increase or decrease in tax rates under this section for the year.  2000, c. 43, s. 3 (8); 2002, c. 17, Sched. F, Table. Regulations (9) The Minister may, by regulation, define assets and liabilities for the purposes of this section.  2000, c. 43, s. 3 (9). General or specific (10) A regulation under subsection (9) may be general or specific in its application.  2000, c. 43, s. 3 (10). Retroactive (11) A regulation under subsection (9) may be made retroactive to January 1 of the year in which it is made.  2000, c. 43, s. 3 (11). By-law to comply with regulation (12) A by-law of the city passed under this section, whether it is passed before or after a regulation is made under subsection (9), is of no effect to the extent that it does not comply with the regulation.  2000, c. 43, s. 3 (12). Section Amendments with date in force (d/m/y) 2002, c. 17, Sched. F, Table - 01/01/2003