2001 tax rate to raise the 2000 levies
4. (1) For the purposes of subsection 2 (3), the 2001 tax rate to raise the 2000 levies means a sum determined, in accordance with the following, for the property class and local municipality the property is in: 1. For each general or special municipal levy for 2000 that applied to property in the local municipality, determine the 2000 levy amount in accordance with subsection (2). 2. For each levy, determine the weighted assessment, in accordance with subsection (3), for each property class with respect to which the levy applies. 3. For each levy, determine the 2000 residential rate by dividing the 2000 levy amount, determined under paragraph 1, by the sum of the weighted assessments determined for each property class under paragraph 2. 4. For each levy, determine a property class rate for each property class by multiplying the 2000 residential rate determined under paragraph 3 times the tax ratio for the property class for 2001. 5. For each property class, the 2001 tax rate to raise the 2000 levies is the sum of the property class rates determined under paragraph 4 for the property class and the 2001 tax rate for school purposes. 6. A property class rate for a levy shall not be included in the calculation under paragraph 5 if the total assessment, as set out in the assessment roll for 2001, as returned, for property in the property class in the local municipality with respect to which the levy applies is less than 50 per cent of the total assessment, as set out in the assessment roll for 2001, as returned, for property in the property class in the local municipality taxable for municipal purposes. 7. For the purposes of paragraph 6, the assessment for a property includes any adjustments under section 33, 34, 39.1 or 40 of the Assessment Act that have been made on the collector’s roll prior to the issuance of the final 2001 tax notice under section 392 or 393 of the Act. O. Reg. 171/01, s. 4 (1). (2) For the purposes of paragraph 1 of subsection (1), the 2000 levy amount for a levy shall be determined in accordance with the following: 1. Apply the 2000 tax rate for the levy for each property class to the total assessment for property in the property class to which the levy applied. 2. If the property class is not subject to Part XXII.3 of the Act, the assessment, for the purposes of paragraph 1, is the assessment set out in the assessment roll for 2000, as returned, with the changes in assessment that would produce the changes in taxes referred to in paragraphs 2 and 3 of subsection 372.2 (6) of the Act. 3. If the property class is subject to Part XXII.3 of the Act, the assessment, for the purposes of paragraph 1, is the assessment set out in the assessment roll for 2000, as returned, with the changes in assessment that would produce the changes in taxes referred to in paragraphs 2, 3, 5 and 6 of subsection 447.65 (2) of the Act. 4. The 2000 levy amount for a levy is the sum of the amounts determined under paragraph 1 for each property class. O. Reg. 171/01, s. 4 (2). (3) For the purposes of paragraph 2 of subsection (1), the weighted assessment for each property class with respect to which the levy applies shall be determined in accordance with the following: 1. Multiply the assessment for the properties in the property class to which the levy applied, as set out in the assessment roll for 2001, as returned, by the tax ratio for the property class for 2001. 2. For the purposes of paragraph 1, the assessment for a property includes any adjustments under section 33, 34, 39.1 or 40 of the Assessment Act that have been made on the collector’s roll prior to the issuance of the final 2001 tax notice under section 392 or 393 of the Act. 3. For the purposes of paragraph 1, the assessment for a property with respect to which section 368.1 of the Act applies shall be reduced by an amount equal to the assessment with respect to which the percentage reduction in subsection 368.1 (1) of the Act applies multiplied by the percentage reduction. O. Reg. 171/01, s. 4 (3).