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Statutes of Newfoundland 1995
AN ACT TO AMEND THE ST. JOHN'S
(Assented to December 21, 1995)
1. S.2 Amdt.
2. S.49 R&S
3. S.77 Amdt.
Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:
RSN 1990 cS-1 as amended
1. (1) Subsection 2(1) of the St. John's Assessment Act is amended by adding immediately after paragraph (a) the following:
(a.1) "base date" means the date at which market value is measured for the purpose of this Act as established by the chief assessor in the year the assessment has taken place;
(2) Paragraph 2(1)(j) of the Act is amended by deleting from the definition of real property the word "machinery".
2. The Act is amended by repealing section 49 and substituting the following:
Rate of assessment
49. (1) Real property shall be assessed at its market value, that value being the amount which in the opinion of the assessor would be paid if the property were sold as of the base date established by the chief assessor by a willing buyer to a willing seller both of whom are knowledgeable in the market.
(2) The assessor in forming an opinion of market value shall have regard to the assessment of other comparable properties so that taxation falls in a uniform manner upon all residential and commercial properties in the city.
(3) This section shall be considered to have come into force on January 1, 1995.
3. Section 77 of the Act is amended by adding the following immediately after subsection (2):
(3) The court shall not amend an assessment only on the basis that it is above or below market value, if, measured at the base date, the assessment bears a just and fair relation to the value at which other properties are assessed in the city.
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