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What are the main property classifications and how are they defined?

April 26, 2017classifications defined main Property

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What are the main property classifications and how are they defined?

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The main property classifications are residential/farm, which includes farm residences and farmland which is not eligible to be placed in the farmlands class; multi-residential (apartment buildings with seven or more units); commercial (stores); industrial (factories); farmlands; managed forests; and pipe line. Property classification and any sub-classes are established by the Minister of Finance through legislated regulations. Ontario Regulation 282/98 defines the classifications.