Title
2014 TAX RATIOS AND CAPPING POLICIES
1. That the tax ratios for the 2014 taxation year be established as follows:
a) Residential/farm property class 1.000000
b) New Multi-residential 1.000000
c) Multi-residential 1.000000
d) Commercial 1.433126
e) Industrial 1.516328
f) Pipelines 1.103939
g) Farmlands 0.250000
h) Managed forest 0.250000
2. That the capping program be funded by clawing back decreases from within the affected property tax classes.
3. That the recommended capping parameters for commercial, industrial and multi-residential properties be established as follows:
a) The property tax cap be set at an amount representing 10% of the previous year's annualized taxes;
b) Any property within +/- $250 of the Current Value Assessment (CVA) taxes be moved directly to CVA taxation;
c) Any property that reaches the CVA level of taxation be removed from the capping program;
d) Exclude any property whose classification changes from capped to clawed back, or vice versa; and
e) A minimum cap of 5% of the previous year's Current Value Assessment taxes.
4. That new construction thresholds be established as follows:
a) Up to 70% of CVA-level taxes in 2005;
b) Up to 80% of CVA-level taxes in 2006;
c) Up to 90% of CVA-level taxes in 2007; and
d) Up to 100% of CVA-level taxes in 2008 and beyond.
5. That the discounts for the commercial and industrial sub-classes for vacant land and excess land be established at 30% and 35% respectively.
6. That two sub-classes for Farmland Awaiting Development be established in each of the multi-residential, commercial and industrial property classes at the following discounts:
a) Phase I - 25% discount off the residential tax rate; and
b) Phase II - 0% discount off the applicable property class tax rate.
7. That the City of Barrie continue its existing Rebates for Charitable Organizations Program providing a tax rebate for Registered Charitable Organizations, as defined in Section 248(1) of the Income Tax Act, R.S.C. 1985, Chapter 1, at a rate of 40% of the current year's taxes applicable to the space occupied.
8. That the Registered Charities eligible for the tax rebate program be required to submit an annual application and provide evidence of taxes paid satisfactory to the Treasurer or his/her designate.
9. That the City Clerk be authorized to prepare all necessary by-laws to establish the 2014 taxation and capping policies as described herein. (FIN002-14) (File: F00)