THE CORPORATION OF THE TOWNSHIP OF NIPISSING

BY-LAW NUMBER 1188

Being a By-Law to specify the annualized tax limit, prior year’s current value assessment tax limit, claw back percentages, the capping threshold parameters and the minimum tax level for new to class/new construction properties for the Township of Nipissing.

WHEREAS under the Municipal Act Section 329.1, municipalities must pass a by-law to specify the claw back percentage, the capping threshold parameters and the minimum tax level for new to class/new construction, that the municipality wishes to implement for 2007, if a change to the previous capping specification is requested; and

WHEREAS the Province of Ontario had implemented capping legislation that limited the increases in taxation for properties that experienced large assessment increases as a result of moving to current value assessment, with the other properties within the same class paying for this restrictions; and

WHEREAS the Corporation of the Township of Nipissing feel that the existing capping and new construction legislation restricts the movement of properties to current value assessment; and

WHEREAS the Corporation of the Township of Nipissing wishes to move properties faster to the current value assessment so that all properties pay taxes based on the current value assessment.

NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP OF NIPISSING ENACTS AS FOLLOWS:

1. Recovery of Capping Protection (Clawback Percentages) – for each property class shall be no decrease percentage clawback.

2. That the Annualized Tax Limit – (Cap based on previous year’s annualized tax) shall be 10%.

3. That the Prior Year’s Current Value Assessment Tax Limit – (Cap based on previous year’s current value assessment tax) shall be 5%.

4. That the Current Value Assessment Tax Threshold for Protected Properties (Increasers) – (Threshold is applied to move certain protected properties to current value assessment tax) shall be $250.00.

5. That the Current Value Assessment Tax Threshold for Claw Back Properties (Decreasers) – (Threshold is applied to move certain clawed properties to current value assessment tax) shall be $250.00.

6. That the Minimum Tax Level for New to Class/New Construction Properties – shall be 90% in 2007 and 100% in 2008.

7. That this By-law shall come into force and take effect upon the final day of passing thereof.

READ A FIRST, SECOND AND THIRD TIME AND PASSED THIS 24TH DAY OF APRIL, 2007.

THE CORPORATION OF THE TOWNSHIP
OF NIPISSING

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Mayor

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Clerk