Transition ratios
 2.2 (1) This section applies for a taxation year if, in comparison to the previous year, the percentage of total tax revenue for the taxation year derived from tax on property in a class other than a specified residential class would be lower in the taxation year if the unadjusted tax ratios for the taxation year were applied.  O. Reg. 58/10, s. 2 (1); O. Reg. 577/22, s. 2 (1). (2) If this section applies, the City may establish a tax ratio for the taxation year for the property class referred to in subsection (1) that is greater than the unadjusted tax ratio for the class but not greater than the transition ratio determined for the class under this section.  O. Reg. 161/09, s. 2; O. Reg. 58/10, s. 2 (2); O. Reg. 577/22, s. 2 (1). (3) If the City establishes a tax ratio for a property class under subsection (2), the transition ratios determined under this section apply to the City for the taxation year except for the purposes of, (a)  the specified residential classes; and (b)  an optional property class if the taxation year is the first year in which the optional property class applies in the City.  O. Reg. 161/09, s. 2; O. Reg. 58/10, s. 2 (3, 4); O. Reg. 577/22, s. 2 (1). (4) The following rules apply for the purposes of this section: 1.  The total assessment of the properties in a property class for the previous year includes all assessments made for the purposes of taxation for the previous year that are made after the return of the roll for the previous year. 2.  In determining the total assessment of the properties in a property class for the taxation year, the City may elect to exclude the assessment of a property in the property class, i.  if the current value of the property, A.  has, before any adjustment under subsection 19.1 (3) of the Assessment Act, increased by 100 per cent or such greater percentage as the City elects since 2012, or B.  has decreased by 25 per cent or such greater percentage as the City elects since 2012, and ii.  if the City also excludes the assessment of the property in determining the total assessment of the properties in the property class for the previous year. 3.  An optional property class is considered to be a separate property class for the purposes of subsection (4).  O. Reg. 161/09, s. 2; O. Reg. 58/10, s. 2 (5-7); O. Reg. 443/12, s. 2; O. Reg. 577/22, s. 2 (1). (5) Subject to sections 2.2.2, 2.2.3, 2.3, 2.4 and 2.6, the transition ratio for a property class for the purposes of subsection 275 (8) of the Act is determined as follows: 1.  Multiply the unadjusted tax ratio for the property class for the taxation year by the amount of the total assessment of the properties in that property class for the year. 2.  Multiply the unadjusted tax ratio for the property class for the taxation year by the amount of the total assessment of the properties in that property class for the previous year. 3.  Determine the weighted reassessment change for the specified residential classes by dividing “A” by “B” where, “A”  is the sum of all amounts each of which is an amount determined under paragraph 1 for a property class included in the specified residential classes, and “B”  is the sum of all amounts each of which is an amount determined under paragraph 2 for a property class included in the specified residential classes. 4.  Determine the weighted reassessment change for the commercial classes by dividing “C” by “D” where, “C”  is the sum of all amounts each of which is an amount determined under paragraph 1 for a property class included in the commercial classes, and “D”  is the sum of all amounts each of which is an amount determined under paragraph 2 for a property class included in the commercial classes. 5.  Determine the weighted reassessment change for the industrial classes by dividing “E” by “F” where, “E”  is the sum of all amounts each of which is an amount determined under paragraph 1 for a property class included in the industrial classes, and “F”  is the sum of all amounts each of which is an amount determined under paragraph 2 for a property class included in the industrial classes. 6.  For each property class that is not included in the specified residential classes, the commercial classes or the industrial classes, determine the weighted reassessment change for the property class by dividing the amount determined under paragraph 1 for the property class by the amount determined under paragraph 2 for the property class. 7.  Determine the adjustment factor for each property class by dividing “G” by “H” where, “G”  is, (a)  the weighted reassessment change for the commercial classes as determined under paragraph 4 if the property class is included in the commercial classes, (b)  the weighted reassessment change for the industrial classes as determined under paragraph 5 if the property class is included in the industrial classes, or (c)  the weighted reassessment change for the property class as determined under paragraph 6 if the property class is not included in the specified residential classes, the commercial classes or the industrial classes, and “H”  is the weighted reassessment change for the specified residential classes as determined under paragraph 3. 8.  Determine the transition ratio for the property class for the taxation year by dividing the unadjusted tax ratio for the property class for the year by the adjustment factor for the property class determined under paragraph 7.  O. Reg. 161/09, s. 2; O. Reg. 58/10, s. 2 (8, 9); O. Reg. 64/17, s. 2; O. Reg. 577/22, s. 2.