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Council and the Committee have taken as a starting point in the developmentof a reformed tax system the assumption that real property taxation willcontinue to be the major source of local revenue in the City of Toronto andMetro. This report reflects the third phase of the Committee's work: consideration of the public's comments and the finalization of theproposals. The three basic elements of the proposed system are: assessmentbased on market value; a system of differential tax rates for differentclasses of property; and improved tax relief for low- and moderate-incometaxpayers.