Special rules re “eligible property”
 35. (1) None of the following properties that becomes taxable for municipal and school purposes in 2007 or a subsequent year is eligible property for the purposes of section 294 of the Act in the year the property becomes taxable:  1.  Property of a municipal electricity utility as defined in section 88 of the Electricity Act, 1998. 2.  Property acquired under a transfer order under subsection 34 (1) of the Social Housing Reform Act, 2000. 3.  Property of a non-profit housing corporation referred to in subsection 13 (1) of the Housing Development Act.  O. Reg. 121/07, s. 35 (1). (2) Subject to subsection (3), the following properties are deemed to be eligible property for the purposes of section 294 of the Act: 1.  A vacant parcel of land that is severed from a larger parcel of land or that is a lot in a subdivided parcel of land, if the taxation year is the first year for which the parcel is included as a separate parcel on the assessment roll. 2.  Despite subsection 291 (12) of the Act, property to which section 294 of the City of Toronto Act, 2006 or, for 2007, section 331 of the Municipal Act, 2001 applied in the previous year as a result of an assessment made under subsection 34 (2) of the Assessment Act or a severance or subdivision, if clause 291 (9) (a) of the City of Toronto Act, 2006 applies to the property for the taxation year. 3.  Property in respect of which an assessment could have been made under section 34 of the Assessment Act in the previous year if, i.  making the assessment in the previous year would have resulted in the application to the property of clause 291 (9) (a) of the City of Toronto Act, 2006
or, for 2007, clause 329 (7) (a) of the Municipal Act, 2001, and ii.  the appropriate change is made on the assessment roll for the taxation year.  O. Reg. 121/07, s. 35 (2). (3) None of the following is eligible property for the purposes of section 294 of the Act: 1.  Property that would otherwise be eligible property only because of a change in classification from one class in the commercial classes to another class in the commercial classes or from one class in the industrial classes to another class in the industrial classes. 1.1.  Property that would otherwise be eligible property only because of a change in classification and that satisfies the following conditions: i.  After the change in classification, the property is classified in a single class of real property. ii.  In the previous year, portions of the property were deemed to be separate properties under subsection 288 (3) of the Act. iii.  In the previous year, the portions of the property described in subparagraph ii were subject to Part XII of the Act. 1.2  A portion of a property, if that portion would otherwise be eligible property only because of a change in classification and if that portion satisfies the following conditions: i.  After the change in classification, the portion is deemed to be a separate property under subsection 288 (3) of the Act. ii.  After the change in classification, the portion is in the same class of property as in the previous year. iii.  In the previous year, the portion was subject to Part XII of the Act. 2.  A severed parcel that is described in subsection 23 (2), (3) or (4). 3.  A severed parcel that fails to satisfy the minimum size requirements for development under the relevant municipal zoning by-law.  O. Reg. 106/08, s. 2; O. Reg. 161/09, s. 6; O. Reg. 343/12, s. 1 (1). (3.1) Paragraphs 1.1 and 1.2 of subsection (3) are deemed to have applied in 2007 and subsequent taxation years. O. Reg. 343/12, s. 1 (2). (3.2) However, subsection (3.1) does not apply with respect to a property for the 2007 taxation year, (a)  if the assessment corporation provided a list of comparable properties to the local municipality under subsection 294 (8) of the Act; and (b)  if it did so as a result of a change in classification of the property as described in paragraph 1.1 or 1.2 of subsection (3). O. Reg. 343/12, s. 1 (2). (4) Revoked: O. Reg. 63/17, s. 10.