Maximum tax rates and revenue limit if s. 6 (2) applies
 7. (1) If the tax rates for the general levy imposed for a taxation year by the City under section 277 of the Act would otherwise result in revenues that would exceed the revenue limit for the City for the year, as determined under subsection (2) or (4), the maximum property class tax rate for the year for a property class to which subsection 3 (2) of this Regulation applies in the year shall be the rate determined as follows: 1.  Determine the total weighted assessment for the City by adding the weighted assessments for all of the property classes in the City, as determined under subsection 19 (5). 2.  For the general municipal levy, determine the residential rate for the taxation year by dividing the revenue limit for the City, as determined under subsection (2) or (4), as the case may be, by the total weighted assessment for the City determined under paragraph 1. 3.  The maximum property class tax rate for the taxation year for a property class in the City to which subsection 3 (2) applies is the product determined by multiplying the residential rate for the taxation year, determined under paragraph 2, by the tax ratio for the property class for the taxation year as determined under section 6. 4.  For the purposes of paragraph 3, the maximum tax ratio for a property class for a taxation year is the tax ratio determined for the year under section 6.  O. Reg. 121/07, s. 7 (1); O. Reg. 63/17, s. 3. (2) The revenue limit for the City for 2007 shall be determined in the following manner: 1.  Identify the general levy tax rate for each property class, as determined by the City for 2006 under section 312 of the Municipal Act, 2001. 2.  Increase the tax rate determined under paragraph 1 by adding the special levy tax rate for the property class for the previous year, if any, as determined under section 6 of Ontario Regulation 73/03 (Tax Matters — Special Tax Rates and Limits, 2003 and Later Years) made under the Municipal Act, 2001. 3.  Determine the revenue for 2006 for each property class by multiplying the tax rate for the property class, as determined under paragraph 2, by the sum of the assessments for all properties in the property class. 4.  Determine the revenue limit for the City for 2007 by adding the revenue for the year, as determined under paragraph 3, for all property classes in the City.  O. Reg. 121/07, s. 7 (2). (3) For the purposes of subsection (2), the assessment for a property in a property class is the assessment for the property for 2006, (a)  less the amount, if any, equal to the same percentage of the assessment as the percentage reduction, if any, under section 313 of the Municipal Act, 2001 in the tax rate applicable to the property for 2006; and (b)  after all adjustments to the assessment, if any, made under subsection 312 (3) of the Municipal Act, 2001.  O. Reg. 121/07, s. 7 (3). (4) The revenue limit for the City for 2008 or a subsequent taxation year shall be determined in the following manner: 1.  Identify the general levy tax rate for each property class, as determined by the City for the previous year under section 277 of the Act. 2.  Increase the tax rate determined under paragraph 1 by adding the special levy tax rate for the property class for the previous year, if any, as determined under section 5. 3.  Determine the revenue for the year for each property class by multiplying the tax rate for the property class, as determined under paragraph 2, by the sum of the assessments for all properties in the property class. 4.  Determine the revenue limit for the City for the year by adding the revenue for the year, as determined under paragraph 3, for all property classes in the City.  O. Reg. 121/07, s. 7 (4). (5) If, for a taxation year, the City has elected under subsection 3 (4) to apply a different tax rate for the general levy for a property class, the revenue limit for the year under subsection (4) shall be deemed to be the amount determined under the following rules: 1.  For each property class for which the City has elected under subsection 3 (4), determine the increase in revenue for the year for the property class as a result of the election. 2.  Add the amounts determined under paragraph 1 to the revenue limit for the year that would otherwise be determined under subsection (4) without the application of this subsection.  O. Reg. 121/07, s. 7 (5); O. Reg. 161/09, s. 4; O. Reg. 577/22, s. 10. (6) For the purposes of subsection (4), for the 2017 taxation year, (a)  the general levy tax rate for the landfill property class for the previous year in the City is deemed to be equal to the general levy tax rate for the commercial property class for the previous year in the City; and (b)  the special levy tax rate for the landfill property class for the previous year in the City is deemed to be equal to the special levy tax rate for the commercial property class for the previous year in the City. O. Reg. 133/17, s. 3. Graduated Tax Rates (Subsection 279 (1) of the Act)