8.
 8. (1) If the tax rates for the general levy imposed for 2003 or a subsequent taxation year by a local municipality under section 312 of the Act or by an upper-tier municipality under section 311 of the Act would otherwise result in revenues that would exceed the revenue limit for the municipality for the year, as determined under subsection (4), the maximum property class tax rate for the year for a property class in the municipality to which subsection 3 (2) applies in the year shall be the rate determined as follows: 1.  Determine the total weighted assessment for the municipality by adding the weighted assessments for all of the property classes in the municipality, as determined under subsection 12 (4). 2.  For the general upper-tier levy or local municipal levy, determine the residential rate for the taxation year by dividing the revenue limit for the municipality, as determined under subsection (4), by the total weighted assessment for the municipality determined under paragraph 1. 3.  The maximum property class tax rate for the taxation year for a property class in the municipality to which subsection 3 (2) applies is the product determined by multiplying the residential rate for the taxation year, determined under paragraph 2, by the tax ratio for the property class for the taxation year as determined under section 7. 4.  For the purposes of paragraph 3, the maximum tax ratio for a property class for a taxation year is the tax ratio determined for the year under section 7 or, in the case of a local municipality that is a lower-tier municipality, the tax ratio adopted by the upper-tier municipality for the taxation year.  O. Reg. 73/03, s. 8 (1); O. Reg. 66/04, s. 2 (1); O. Reg. 102/16, s. 4 (1-4). (2, 3) Revoked: O. Reg. 102/16, s. 4 (5). (4) The revenue limit for an upper-tier or local municipality for a taxation year after 2003 shall be determined in the following manner: 1.  Identify the general levy tax rate for each property class, as determined by the municipality for the previous year under section 311 or 312 of the Act. 2.  Increase the tax rate determined under paragraph 1 by adding the special levy tax rate for the property class for the previous year, if any, as determined under section 6. 3.  Determine the revenue for the year for each property class by multiplying the tax rate for the property class, as determined under paragraph 2, by the sum of the assessments for all properties in the property class. 4.  Determine the revenue limit for the municipality for the year by adding the revenue for the year, as determined under paragraph 3, for all property classes in the municipality.  O. Reg. 73/03, s. 8 (4). (4.1) If, for a taxation year, a municipality has elected under subsection 3 (3.1) to apply a different tax rate for the general levy for a property class, the revenue limit for the year under subsection (4) shall be deemed to be the amount determined under the following rules: 1.  For each property class for which the municipality has elected under subsection 3 (3.1), determine the increase in revenue for the year for the property class as a result of the election. 2.  Add the amounts determined under paragraph 1 to the revenue limit for the year that would otherwise be determined under subsection (4) without the application of this subsection.  O. Reg. 66/04, s. 2 (2); O. Reg. 58/05, s. 2; O. Reg. 44/06, s. 2; O. Reg. 172/07, s. 2; O. Reg. 160/09, s. 3; O. Reg. 574/22, s. 3. (5) For the purposes of subsection (4), the assessment for a property in a property class is the assessment for the property for the previous taxation year, (a)  less the amount, if any, equal to the same percentage of the assessment as the percentage reduction, if any, under section 313 of the Act in the tax rate applicable to the property for the year; and (b)  after all adjustments to the assessment, if any, made under subsection 311 (3) or 312 (3) of the Act.  O. Reg. 73/03, s. 8 (5). (6) For the purposes of subsection (4), for the 2017 taxation year, (a)  the general levy tax rate for the landfill property class for the previous year in a municipality is deemed to be equal to the general levy tax rate for the commercial property class for the previous year in the municipality; and (b)  the special levy tax rate for the landfill property class for the previous year in a municipality is deemed to be equal to the special levy tax rate for the commercial property class for the previous year in the municipality. O. Reg. 131/17, s. 3. Part II.0.0.1   Subclass tax reductions — subsection 313.1 (1) of the Act