REDUCTIONS IN RESPECT OF SCHOOL TAXES FOR THE   CITY OF TORONTO FOR 1999
1.0.1 (1) This section sets out the reductions under paragraph 4 of subsection 447.15 (1) of the Act for 1999 for the City of Toronto in respect of reductions in taxes for school purposes. O. Reg. 380/99, s. 1. (2)The reductions for property in the commercial property class are as follows: 1. If the uncapped 1999 taxes for a property exceed the 1997-level taxes for the property by more than 4.8 per cent, the increase shall be reduced to 4.8 per cent. 2. If the uncapped 1999 taxes for a property exceed the 1997-level taxes for the property by 4.8 per cent or less, the 1997-level taxes shall be equal to uncapped 1999 taxes. 3. With respect to the properties not referred to in paragraphs 1 or 2, the difference between the 1997-level taxes and the uncapped 1999 taxes shall be apportioned among those properties in such a way that they all have the same percentage reduction. O. Reg. 380/99, s. 1; O. Reg. 361/00, s. 1. (3)The education tax cut (class) for property in the commercial property class shall be determined as follows: 1. Determine the 1999 rate reduction for the City of Toronto referred to in subsection 4 (4) of Ontario Regulation 400/98 for the commercial property class. 2. Determine the 1999 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 1999 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 1999 assessment rolls, as returned. 3. Multiply the 1999 rate reduction by the 1999 assessment. 4. Subtract from that product the total reductions provided to all properties referred to in paragraphs 1 and 2 of subsection (2). O. Reg. 380/99, s. 1. (4)Subsections (2) and (3) also apply, with necessary modifications, with respect to a property in the industrial property class. O. Reg. 380/99, s. 1. (5)The reductions for property in the multi-residential property class are as follows: 1. If the uncapped 1999 taxes for a property exceed the 1997-level taxes for the property by less than 5 per cent, the 1997-level taxes shall be equal to the uncapped 1999 taxes. 2. For any property not referred to in paragraph 1, the difference between the 1997-level taxes and the uncapped 1999 taxes shall be apportioned among those properties in such a way that they all have the same percentage reduction. O. Reg. 380/99, s. 1. (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 1999 assessment rolls, as returned. 2. Multiply that amount by 0.00046. 3. Deduct from the product the total reductions provided to all properties referred to in paragraph 1 of subsection (5). O. Reg. 380/99, s. 1.