TAX LOSS COMPENSATION Sample Clauses

TAX LOSS COMPENSATION. 12.01 Canada's Compensation - Rural Municipalities
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TAX LOSS COMPENSATION. 12.01 CANADA'S COMPENSATION - RURAL MUNICIPALITIES: Canada and Saskatchewan agree that, within ninety (90) days of the date upon which Taxable Land which had been situated within a Rural Municipality is set apart as an Entitlement Reserve for the Band, Canada shall pay to the Rural Municipal Compensation Fund seventy (70%) percent of a sum that is equivalent to ninety (90%) percent of twenty-five (25) times the Municipal Taxes which had been levied in respect of such Taxable Land in the calendar year immediately prior to the said date.
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TAX LOSS COMPENSATION. The municipality surrendering land shall receive for said surrendered land a lump sum payment to compensate for the financial impact of reduction in tax revenues. The lump sum amount may vary in each situation. The formula shall take into account and provide variance based on the circumstances of the specific boundary alteration. The formula shall be consistent with the arbitration decisions of the SMB. The parties acknowledge the SMB has typically rewarded a payment by the receiving municipality to the surrendering municipality of 10x to 15x the annual property taxes for the land being annexed, and is based on an adherence to fairness in providing compensation for lost tax revenues which exceed the reduction in servicing responsibility In exceptional circumstances, particularly where the land is fully developed or development is imminent, the SMB has awarded 22.5x the annual property taxes for the land being annexed. Where there is a dispute between the municipalities, the matter may be referred to the SMB for a decision on tax loss compensation. Bylaw Harmonization Following boundary alteration, bylaws in place under the former municipal jurisdiction of a property shall remain in force, unless the current municipality undertakes a deliberate bylaw amendment, pursuant to The Municipalities Act. Any use lawfully established under a previous bylaw can continue in perpetuity, even if the bylaw is subsequently amended, unless the use is discontinued for more than six months, allowing for the rights of a property owner to continue a use to be “grandfathered” in. If a use has been discontinued, and it is sought to resume, expand, or change the use, the use shall conform to the bylaws currently in effect. Current zoning bylaws of the surrendering municipality shall remain in effect until amended. Where land is to be annexed for imminent urban development, such as commercial, high-intensity industrial, or residential use, consideration may be given to rezoning land to another appropriate zone concurrent with the boundary alteration process. In the event that the RM should annex land, zoning may be addressed concurrent with the boundary alteration review.
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TAX LOSS COMPENSATION 
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