1. Ceiling rates for each business property class were set to deliver $15 million per year in relief in 2008. b The remainder of the phase-in was to be facilitated by decreasing the ceiling tax rates until they eventually dropped to the target rate in 2014. The ceiling tax rates would be adjusted annually as needed to account for the effects of reassessment. For 2017, the ceiling rate for all business property classes is 1.39 percent;Declining Ceiling Tax Rates. The $540 million in annual relief was to be phased in between 2008 and 2014 in a back-ended fashion, with the majority of the reduction implemented in 2013 and 2014
2. the day of the budget speech, would be taxed at the lower of the target rate or the rate otherwise applicable. c References Bird, Richard, Enid Slack, and Almos Tassonyi. 2012. A Tale of Two Taxes: Property Tax Reform in Ontario;New Construction. As an added measure to alleviate the tax burden on business investment, new construction occurring after,2007