Title
2020 TAX RATIOS AND CAPPING POLICIES
1. That the tax ratios for the 2020 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 Occupied 1.433126
e) Industrial Occupied 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 and industrial properties be maintained, 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 +/- $500 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;
e) A minimum cap of 10% of the previous year’s CVA taxes; and
f) Reassessment related increases for 2020 be excluded from the capping calculations.
4. That the capping phase-out option for the commercial class be adopted, resulting in the reduction from CVA taxes to annualized taxes based on the following schedule:
a) 1/4 in 2020;
b) 1/2 in 2021;
c) 3/4 in 2022; and
d) Full CVA in 2023.
5. That the discounts for the commercial and industrial sub-classes for vacant land and excess land at 30% and 35% respectively, be phased out over the next two years starting in 2021, subject to approval from the Province in the form of a regulation.
6. That two sub-classes for Farmland Awaiting Development be maintained in each of the multi-residential, commercial, and industrial property classes at the following discounts:
a) Phase I - 25% discount from the residential tax rate; and
b) Phase II - 0% discount from the applicable property class tax rate.
7. That the City of Barrie (City) continue with 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 only to the space occupied by the Registered Charity.
8. That the Registered Charities eligible for the tax rebate program continue 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 2020 taxation ratios and capping policies as described herein. (FIN008-20) (File: F22) (P59/19)