Amount of rebate
 2. (1) In this section and in section 2.1, “base property” means, in respect of an eligible property for a taxation year, the real property whose assessment on the roll returned under the Assessment Act for taxation in the taxation year includes the eligible property, excluding any portion of the real property, (a) that is exempt from taxes for municipal and school purposes for the year, (b) that is not included in the same class of real property for the taxation year under the Assessment Act as the eligible property, or (c) that is included in a subclass for excess land under subsection 8 (1) of the Assessment Act.  O. Reg. 325/01, s. 2 (1); O. Reg. 60/19, s. 1 (1). (1.1) For the purposes of paragraph 3.1 of subsection 364 (2) of the Act, the prescribed percentage of the rebate for land in the landfill property class is 30 per cent. O. Reg. 97/17, s. 3 (1). (2) Subject to section 2.1, the amount of taxes for a taxation year in respect of an eligible property to which the percentage specified in paragraph 2 or 3 of subsection 364 (2) of the Act, or set out in subsection (1.1) of this section is to be applied is determined as follows: 1. Take the value of the eligible property for the year as determined by the assessment corporation. 2. Determine the percentage that the value of the eligible property is of the assessed value of the base property for the taxation year. 3. Multiply the percentage determined under paragraph 2 by the taxes for municipal and school purposes for the base property for the taxation year. 4. Determine the percentage that the number of days in the taxation year that the property was an eligible property is of the total number of days in the year. 5. Multiply the percentage determined under paragraph 4 by the product determined under paragraph 3.  O. Reg. 325/01, s. 2 (2); O. Reg. 300/03, s. 3 (1); O. Reg. 97/17, s. 3 (2); O. Reg. 60/19, s. 1 (2); O. Reg. 49/21, s. 1 (1). (3) Subject to section 2.1, the amount of the rebate for the purposes of section 364 of the Act in respect of an eligible property is determined by multiplying the amount of taxes determined under subsection (2) in respect of the eligible property for the year by the percentage specified in paragraph 2 or 3 of subsection 364 (2) of the Act, or set out in subsection (1.1) of this section, whichever percentage applies.  O. Reg. 300/03, s. 3 (2); O. Reg. 97/17, s. 3 (3); O. Reg. 60/19, s. 1 (2); O. Reg. 49/21, s. 1 (2). (4) If the period of at least 90 consecutive days during which a property or portion of a property was an eligible property commences after October 3 in the prior taxation year, the amount of taxes for the taxation year is determined for the purposes of subsection (2) by adding the following amounts: 1. The amount of taxes that would be determined under subsection (2) for the previous taxation year if the only period in that year during which the property or portion of the property was an eligible property was the period after October 3 during which the building or structure or the portion of the building was an eligible property. 2. The amount of taxes that would be determined under subsection (2) for the taxation year in respect of the period in the year during which the building or structure or the portion of the building was an eligible property.  O. Reg. 325/01, s. 2 (4).