BILL 5

An Act to Amend the Real Property Tax Act

His 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 (1.09) in the portion preceding paragraph (a) by striking out “and every subsequent year”;

(b)  by adding after subsection (1.09) the following:

5( 1.0901) 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) and (h) and (i) 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) and (j) to (n) of the definition “residential property” in section 1 of the Assessment Act.

2 This Act comes into force on January 1, 2024.