Recent Announcements

1. April 2008 - Creation of a separate optional property class - Residual Commercial Property Class
   In response to municipal requests, a separate optional property class has been created for the residual group of commercial properties that do not qualify for inclusion in other optional classes. The new "residual commercial class" includes all properties in the commercial property class with the exception of those that meet the definition of the optional shopping centre, office building, professional sports facility, parking lot and vacant land classes.

   This new class reflects existing definitions, but allows municipalities to use the classes in a more flexible way. Creating residual commercial as a separate optional class enables municipalities to apply various tax policies such as lower tax ratios or graduated tax rates to this group of properties in a more efficient manner.

   This class is available for 2008 and future years.

2. April 2008 - Business Education Tax Reduction Plan
   The 2007 Ontario Budget announced a business education tax (BET) reduction plan. Under this plan BET rates are to be reduced to a target maximum of 1.6% by the year 2014. As a result Niagara Region's industrial education tax rate has been reduced. See following Table.
   

   Education Tax Rate
   Property Class	2007	Reduction	2008*	2014 Target
   Industrial	2.586498%	0.019730%	2.566768%	1.6%

   
   * per Ontario Regulation 103/08 (Education Act).

   The BET reduction program only applies to Niagara's industrial class as the commercial education rate is currently below the 1.6% target.

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