jswizzle3737/ontario_laws_and_regs huggingface dataset:
1. In this Regulation, “class” means a class established under section 3. O. Reg. 265/96, s. 1.
2. (1) This Regulation applies with respect to real property located within the following: 1. The County of Lambton. 2. The County of Lanark, including the Separated Town of Smiths Falls. (2) This Regulation applies with respect to the assessment to be shown on the assessment roll for 1995 for the taxation year 1996 and on the assessment roll for each subsequent year until a new assessment of all property within the county is made in 1999 for the 2000 taxation year. O. Reg. 265/96, 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 property. O. Reg. 265/96, 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 county and school board taxes levied for 1995 in each class of real property in the county bears to the total county and school board taxes levied for 1995 in the county must be maintained in such a way that the amount calculated using the formula, the sum of A B by property class for all municipalities within the county that pay county and school board taxes, is substantially the same as the amount calculated using the formula, the sum of C D by property class for all municipalities within the county that pay county and school board taxes, in which, “A” is the mill rate in each municipality which resulted in the amount of county and school board taxes levied for 1995 against the total assessment in 1995 of all the properties that comprise the class, “B” is the total assessment in each municipality in 1995 of all the properties that comprise the class, “C” is the adjusted mill rate which would have resulted in the amount of county and school board taxes levied for 1995 against the total assessment “D”, and “D” is the total assessment in each municipality of all the properties that comprise the class for the 1996 taxation year following the application of the assessment standards described in this section. (3) All real property within a class in a county must, to the extent possible, be assessed at the same proportion of market value in relation to the base year 1992. (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 taxes collected from the taxable real property in the county, including assessments made under section 33 or 34 of the Assessment Act, must not be substantially changed. (6) The proportion of county and school board taxes paid by each class in the county must not be significantly altered as a result of the application of 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. (8) The total taxes collected from the taxable real property in the municipality for local purposes must not be substantially changed. O. Reg. 265/96, s. 4.
5. For the purposes of subsection 371 (2) of the Act, the factor to be applied to the market value of property in each class in a municipality, as set out in Column 2 of Schedule 2, is set out opposite it in Column 3. O. Reg. 265/96, s. 5.
6. Omitted (revokes other Regulations). O. Reg. 265/96, s. 6.
7. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 265/96, s. 7. 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 item and vacant land municipally zoned for any other purpose not mentioned elsewhere in this Schedule, or
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 item, or
ii. a unit or proposed unit within the meaning of the Condominium Act to which subsection 60 (4) of the Assessment Act applies.


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. 265/96, Sched. 1. SCHEDULE 2 FACTORS APPLIED TO MARKET VALUE  Item

Column 1

Column 2

Column 3


1.

Lambton County

1
2
3
4
5

0.053
0.116
0.074
0.122
0.115


2.

Lanark County

1
2
3
4
5

0.027
0.055
0.044
0.067
0.090 O. Reg. 265/96, Sched. 2.