That, on the recommendation of the Managing
Director, Corporate Services and City Treasurer, Chief Financial Officer, the
following actions be taken with respect to property taxation for 2016:
a) the
attached proposed by-law (Appendix “A”) BE INTRODUCED at the Municipal
Council meeting to be held on May 3, 2016, in accordance with Sub-sections
308(4) and 308.1(4) of the Municipal Act, 2001, to set tax ratios in
the various property classes;
b) the
attached proposed by-law (Appendix “B”) BE INTRODUCED at the Municipal
Council meeting to be held on May 3, 2016 to fully utilize options available
in 2016 to exclude properties in capped property classes which have reached
current value assessment tax levels or higher in 2015 from being capped again
in 2016 and future years;
c) the
attached proposed by-law (Appendix “E”) BE INTRODUCED at the Municipal
Council meeting to be held on May 3, 2016 to initiate a 4-year phase out of
capping for any of the non-residential property classes where London is
eligible for such option;
d) the
attached proposed by-law (Appendix “C”) BE INTRODUCED at the Municipal
Council meeting to be held on May 3, 2016 to claw back a portion of tax
decreases in each of the commercial, industrial and multi-residential classes
sufficient to fully finance the capping of increases as required under
Section 329 of the Municipal Act, 2001;
e) the
attached proposed by-law (Appendix “D”) BE INTRODUCED at the Municipal
Council meeting to be held on May 3, 2016 to adopt the capping formulae for
the commercial, industrial and multi-residential property classes as
described in detail in this report;
f) NO
ACTION BE TAKEN to adopt a phase-in program for tax changes resulting from
the reassessment of properties in the residential, farmland and managed forests
property classes in accordance with Section 318 of the Municipal Act, 2001;
it being noted that such a phase-in is unnecessary with the current system of
four year phase-in of assessment values on the assessment roll.
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