REDUCTIONS IN RESPECT OF SCHOOL TAXES FOR THE   CITY OF TORONTO FOR 1999
1.0.2 (1) This section sets out the reductions under paragraph 4 of subsection 447.15 (1) of the Act for 2000 for the City of Toronto in respect of reductions in taxes for school purposes. O. Reg. 361/00, s. 2. (2) The reductions for property in the commercial property class are as follows: 1. If the uncapped 2000 taxes for a property exceed the 1997-level taxes for the property by more than 7.2 per cent, the increase shall be reduced to 7.2 per cent. 2. If the uncapped 2000 taxes for a property exceed the 1997-level taxes for the property by 7.2 per cent or less, the 1997-level taxes shall be equal to the uncapped 2000 taxes. 3. For any property that is eligible for a 1998 tax decrease phase-in under subsection 447.18 (3) of the Act, the education tax cut (class), as determined under subsection (3), shall be distributed among those properties by the same percentage reduction based on the difference between the 1997-level taxes and the uncapped 2000 taxes. O. Reg. 361/00, s. 2. (3) The education tax cut (class) for property in the commercial property class shall be determined as follows: 1. Determine the 2000 tax rate reduction for the City of Toronto referred to in subsection 7 (3) of Ontario Regulation 400/98 for the commercial property class. 2. Determine the 2000 assessment as follows: A. If a reduction under section 368.1 of the Act applies, determine the assessment of all property in the commercial property class in the City of Toronto, as set out on the 2000 assessment rolls, as returned, and reduce it by an amount equal to the assessment with respect to which the percentage reduction in section 368.1 of the Act applies multiplied by that percentage reduction. B. Otherwise, determine the assessment of all property in the commercial property class in the City of Toronto, as set out on the 2000 assessment rolls, as returned. 3. Multiply the 2000 rate reduction by the 2000 assessment. 4. Deduct from that product the total reductions in taxes for school purposes provided to all properties referred to in paragraphs 1 and 2 of subsection (2). O. Reg. 361/00, s. 2. (4) Subsections (2) and (3) also apply, with necessary modifications, with respect to property in the industrial property class. O. Reg. 361/00, s. 2. (5) The reductions for property in the multi-residential property class are as follows: 1. If the uncapped 2000 taxes for a property exceed the 1997-level taxes for the property by 7.5 per cent or less, the 1997-level taxes shall be equal to the uncapped 2000 taxes. 2. For any property that is eligible for a 1998 tax decrease phase-in under subsection 447.18 (3) of the Act, the education tax cut (class), as determined under subsection (6), shall be distributed among those properties by the same percentage reduction based on the difference between the 1997-level taxes and the uncapped 2000 taxes. O. Reg. 361/00, s. 2. (6) The education tax cut (class) for property in the multi-residential property class shall be determined as follows: 1. Determine the assessment for all property in the multi-residential property class in the City of Toronto, as set out on the 2000 assessment rolls, as returned. 2. Multiply that amount by 0.00046. 3. Deduct from that product the total reductions in taxes for school purposes provided to all properties referred to in paragraph 1 of subsection (5). O. Reg. 361/00, s. 2. (7) In this section, “1997-level taxes” means the 1997-level taxes determined under section 447.17 of the Act; “2000 assessment rolls, as returned” means the 1999 assessment rolls for taxation in 2000, as returned; “uncapped 2000 taxes” means the taxes for municipal and school purposes that would have been imposed in 2000 but for the application of Part XXII.1 of the Act. O. Reg. 361/00, s. 2. Reductions in Respect of School Taxes    for the Tenant’s Cap