3613 To provide for the adoption of the Budgetary Estimates, Tax Rates and to further provide for Penalty and Interest in default of payments thereof for 2011.THE CORPORATION OF THE TOWN OF TILLSONBURG
BY-LAW NO. 3613
A BY-LAW TO PROVIDE FOR THE ADOPTION OF BUDGETARYESTIMATES, TAX RATES AND TO FURTHER PROVIDE FOR PENALTYAND INTEREST IN DEFAULT OF PAYMENT THEREOF FOR 2011.
WHEREAS Section 290 of the Municipal Act, 2001, S.O. 2001 c.25, asamended, provides that the Council of a local municipality shall prepare and
adopt estimates of all sums required during the year for the purposes of the
municipality,
WHEREAS Section 312 of the said Act provides that the Council of a localmunicipality shall, after the adoption of estimates for the year, pass a by-law
to levy a separate tax rate on the assessment in each property class, and
WHEREAS Sections 307 and 308 of the said Act require tax rates to beestablished in the same proportion to tax ratios; and
WHEREAS regulations require reductions in certain tax rates for certainclasses or subclasses of property.
Now therefore the Council of The Corporation of the Town of Tillsonburg
enacts as follows:
1) That the budget estimates setting out the revenues and expendituresas detailed in the Business Plans for the year 2012, and endorsed byresolution, February 13th, 2012, raising the following amounts fromrealty taxation be adopted:
A) A general municipal levy of $12,491,774.
B) A special levy for core area parking of $135,800.
C) A special levy for the Business Improvement Area of $98,000.
2) That the tax rates hereby adopted for each class for the year 2012,excluding local improvement rates or other special charges collected astaxes, shall be the tax rates as listed on Schedule "A" attached heretoand forming part of this by-law and the tax rate for each class shall beapplied against the whole of the assessment for real property for thatparticular class and purpose.
3) That every owner shall be taxed according to the tax rates in this by-law. The taxes for a particular property shall be calculated by applyingthe Current Value Assessment against the tax rates set out and furtheradjusted as required by the provisions of the Municipal Act, 2001, S.O.2001. Such taxes shall become due and payable in two installments asfollows:
ALL PROPERTY CLASSES:
FIRST INSTALMENT Thursday, August 23, 2012
SECOND INSTALMENT Thursday, October 25, 2012
Notice of such taxes due shall be sent by first class mail to those
persons shown as liable for the payment of taxes.
4) That a charge as a penalty of 1 and 1/4 per cent on the amount of anyoutstanding taxes levied in 2012 shall be made on the first day ofdefault and on the first day of each calendar month thereafter in which
default continues until December 31, 2012, and any such additionalamounts shall be levied and collected in the same manner as if theyhad been originally imposed with and formed part of the taxes levied
under this by-law. The penalty charges indicated in this section shallbe waived for those taxpayers participating in the MonthlyPreauthorized Payment Programme provided the payments are madeas agreed and without default.
5) That interest of 1 and 1/4 per cent on the amount of any taxes due andunpaid after December 31, 2012, shall be charged on the first day of
each calendar month thereafter in which default continues.
This by-law shall come into effect on the date of the final passing thereof.
READ A FIRST AND SECOND TIME THIS 14th DAY OF MAY, 2012.
READ A THIRD AND FINAL TIME AND PASSED THIS 14TH DAY OF
MAYf 2012.
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Clerk - Donna Wilson
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