BILL 89

An Act to Amend the Real Property Tax Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 Section 5 of the Real Property Tax Act, chapter R-2 of the Revised Statutes, 1973, is amended

(a)  in subsection (1) in the portion preceding paragraph (a) by striking out “Subject to subsections (1.01) to (1.06)” and substituting “Subject to subsections (1.01) to (1.091)”;

(b)  in subsection (1.05) in the portion preceding paragraph (a) by striking out “For the year 2016 and every subsequent year” and substituting “For the years 2016 to 2021, inclusive”;

(c)  in subsection (1.06) by striking out “For the year 2016 and every subsequent year” and substituting “For the years 2016 to 2021, inclusive”;

(d)  by adding after subsection (1.06) the following:

5( 1.07) For the year 2022, the rates of tax to be used in paragraph (1)(a) are:

(a)   $0.9361 on each $100 valuation of real property being residential property referred to in paragraphs (a) to (f) of the definition “residential property” in section 1 of the Assessment Act; and

(b)  $1.1564 on each $100 valuation of real property being residential property referred to in paragraphs (g) to (n) of the definition “residential property” in section 1 of the Assessment Act.

5( 1.071) For the year 2022, the rate of tax to be used in paragraph (1)(b) is $2.0760 on each $100 valuation of real property being non-residential property.

5( 1.08) For the year 2023, the rates of tax to be used in paragraph (1)(a) are:

(a)   $0.7489 on each $100 valuation of real property being residential property referred to in paragraphs (a) to (f) of the definition “residential property” in section 1 of the Assessment Act; and

(b)   $1.0954 on each $100 valuation of real property being residential property referred to in paragraphs (g) to (n) of the definition “residential property” in section 1 of the Assessment Act.

5( 1.081) For the year 2023, the rate of tax to be used in paragraph (1)(b) is $1.9660 on each $100 valuation of real property being non-residential property.

5( 1.09) For the year 2024 and every subsequent year, the rates of tax to be used in paragraph (1)(a) are:

(a)   $0.5617 on each $100 valuation of real property being residential property referred to in paragraphs (a) to (f) of the definition “residential property” in section 1 of the Assessment Act; and

(b)  $1.0345 on each $100 valuation of real property being residential property referred to in paragraphs (g) to (n) of the definition “residential property” in section 1 of the Assessment Act.

5( 1.091) For the year 2024 and every subsequent year, the rate of tax to be used in paragraph (1)(b) is $1.8560 on each $100 valuation of real property being non-residential property.

2 This Act is deemed to have come into force on January 1, 2022.