Supplementary Assessment definition
Examples of Supplementary Assessment in a sentence
Formula: Total value of Supplementary Assessment Change and Omitted Assessment Change for each Property Category within the calendar year approved in MPAC’s systems within one year following the date each property becomes occupied ÷ Total value of Supplementary Assessment Change and the Omitted Assessment Change for that same Property Category within the calendar year, expressed as a percentage.
For each Property Category, MPAC will track the period of time it takes from when the property commences to be used until the Supplementary Assessment Change and the related Omitted Assessment Change is entered into and approved in MPAC’s systems.
For each Property Category, MPAC will measure the Supplementary Assessment Change and the related Omitted Assessment Change attributable to properties that commence to be used that are entered and approved in MPAC’s systems.
The Contractor will perform the Services in accordance with the schedule specified as follows: Service/Deliverable Completion Date (a) Annual assessments due to the provincial assessor January 15 annually (b) Provide supplementary and amended assessments to the provincial assessor Note: Supplementary only if Supplementary Assessment Bylaw established.
Based on such revised or new budget, the Board may make a Supplementary Assessment for such fiscal year against each Lot.
To determine the amount required to be raised by each Supplementary Assessment, the Board shall revise the annual budget for such fiscal year as provided in Section 5.3, or prepare a new budget, a summary of which revised or new budget shall be delivered to each Owner and shall set a date for a meeting of the Owners to consider such budget in such manner as may be provided for in the Bylaws or as required by the Act.