BILL 54

An Act to Amend the Assessment Act

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

1 Section 1 of the Assessment Act, chapter A-14 of the Revised Statutes, 1973, is amended by adding the following definition in alphabetical order:

“state and condition” means the physical state and condition of the real property assessed, including leasehold improvements and any addition to, deletion from or destruction of the real property; (état et condition)

2 Section 15 of the Act is amended by striking out “the year for which” and substituting “the year preceding the year for which”.

3 The Act is amended by adding the following after section 15:

Real property assessed as if owned in fee simple

15.01 Except as provided in this Act or the regulations, real property shall be assessed by the Director as if the person assessed were the owner of the title in fee simple.

State and condition of real property

15.02 Subject to section 15, the assessment of real property shall reflect the state and condition of the real property as it existed on January 1 of the year in which the assessment is made.

4 Subsection 15.2(14) of the Act is amended by striking out “the year for which” and substituting “the year preceding the year for which”.

5 Section 21 of the Act is amended by adding after subsection (1) the following:

21( 1.01) The assessment shown on the real property assessment notice shall be the assessment that reflects the state and condition of the property as it existed on January 1 of the year in which the assessment is made.