jswizzle3737/ontario_laws_and_regs huggingface dataset:
1. In this Regulation, “class” means a class established under section 3. O. Reg. 115/93, s. 1.
2. (1) This Regulation applies with respect to parcels of real property within the City of St. Thomas and the County of Elgin, and references in this Regulation to the county shall include the City of St. Thomas. (2) This Regulation applies with respect to the assessment to be shown on the assessment roll for 1992 for the taxation year 1993 and on the assessment roll for each subsequent year until a new assessment of all property within the county is made in 1996 for the taxation year 1997. O. Reg. 115/93, s. 2.
3. The real property in the county is divided into the classes described in Schedule 1 and each property shall be allocated to the class that most nearly describes the physical nature and characteristics of the real property. O. Reg. 115/93, s. 3.
4. (1) For the purposes of subsection 371 (2) of the Act, the standards described in this section must be considered in equalizing assessments within the classes of real property in the county and in computing the factors resulting from the application of the standards. (2) The proportion that the municipal and school board taxes levied for 1992 in each class of real property bears to the total municipal and school board taxes levied for 1992 must be maintained in such a way that the amount calculated using the formula,  is substantially the same as the amount calculated using the formula,  in which, “A” is the single mill rate which would have resulted in the amount of municipal and school board taxes levied for 1992 against the total assessment in 1992 of all of the properties that comprise the class, “B” is the total assessment in 1992 of all of the properties that comprise the class, and “C” is the total assessment of the class for the 1993 taxation year following the application of the assessment standards described in this section. (3) All real property within a class must, to the extent possible, be assessed at the same proportion of market value in relation to the base year 1988. (4) For the purpose of subsection (3), market value is as determined by the assessment commissioner in whose assessment region the real property is located. (5) The total assessment of the real property in the county, including assessments made under section 33 or 34 of the Assessment Act, must not be substantially changed. (6) The assessment relationships between the classes of real property must not be significantly altered as a result of the application of the standards described in this section. (7) Subsection (6) does not apply with respect to changes in assessment relationships that have resulted from an increase in the total assessment of a class because of assessments made under section 33 or 34 of the Assessment Act. O. Reg. 115/93, s. 4.
5. For the purpose of subsection 371 (2) of the Act, the factor to be applied to the market value of property in each class, as set out in Column 1 of Schedule 2, is set out opposite it in Column 2. O. Reg. 115/93, s. 5. SCHEDULE 1 CLASSES OF REAL PROPERTY  Item

COLUMN 1

COLUMN 2


1.

Class 1

Property assessed as,
i. residential and comprising not more than six residential units, including vacant land municipally zoned principally for residential development described in this clause and vacant land municipally zoned for any other purpose not mentioned elsewhere in this Schedule,
ii. seasonal residential, including vacant land municipally zoned principally for this purpose, or
iii. farm land.


2.

Class 2

Property assessed as,
i. residential and comprising seven or more residential units, including vacant land municipally zoned principally for residential development described in this clause, or
ii. a unit or proposed unit within the meaning of the Condominium Act to which, but for subsection 371 (11) of the Municipal Act, subsection 60 (4) of the Assessment Act would apply.


3.

Class 3

Property assessed as commercial, including vacant land municipally zoned principally for commercial development.


4.

Class 4

Property assessed as industrial, including vacant land municipally zoned principally for industrial development.


5.

Class 5

Property assessed as a pipe line. O. Reg. 115/93, Sched. 1. SCHEDULE 2 FACTORS APPLIED TO MARKET VALUE  Item

COLUMN 1

COLUMN 2


1.

Class 1

0.044


2.

Class 2

0.085


3.

Class 3

0.065


4.

Class 4

0.093


5.

Class 5

0.082 O. Reg. 115/93, Sched. 2.