That Report CORP2021-010, 2021 Tax Policy Decisions, be received;
That optional property classes for the 2021 tax year are not adopted;
That the tax rate reduction for vacant and excess land in the commercial and industrial class be set as 30% and 35% respectively for 2021;
That the tax rate reduction for First Class Undeveloped Farm Land be set at 45% for 2021;
That the capping and threshold parameters be established as follows:
Commercial Industrial
Annualized Tax Limit 10% 10%
Prior Year’s CVA Tax Limit 10% 10%
CVA Tax Threshold for Protected Properties
(Increases) ($0 to $500) 500 500
CVA Tax Threshold for Clawed Back Properties
(Decreases) ($0 to $500) 500 500
Properties that were at CVA Tax in 2019 or that
would cross over CVA Tax in 2020 are to be
excluded from capping Yes Yes
That the decrease claw back parameters for 2021 be set at 0% for multi-residential, commercial and industrial;
That Council approve the 2021 tax ratios as outlined in Appendix A to report CORP2021-010; and
That this recommendation and the necessary by-laws be brought forward to Council for consideration at the next regular Council Meeting.