Statutes of Newfoundland 1996 Chapter 19

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Statutes of Newfoundland 1996

CHAPTER 19 CHAPTER 19

AN ACT TO AMEND THE ASSESSMENT ACT AND THE ST. JOHN'S ASSESSMENT ACT
(Assented to December 19, 1996)

Analysis

ASSESSMENT ACT

1. S.2 Amdt.
Definitions

2. S.17 Amdt.
Assessment of property

3. S.17.1 Added
Re-assessment of property

ST. JOHN'S ASSESSMENT ACT

4. S.2 Amdt.
Interpretation

5. S.49 Amdt.
Rate of assessment

6. S.49.1 Added
Re-assessment of property

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:
ASSESSMENT ACT

RSN1990 cA-18 as amended

1. Section 2 of the Assessment Act is amended by adding the following immediately after paragraph (b):

(b.1) "base date" means

(i) January 1, 1996, or

(ii) January 1, of every third year after 1996,

whichever is the most recent;

2. Section 17 of the Act is amended by adding the following immediately after subsection (1):

(1.1) A determination of fair market value under subsection (1) shall be made by determining the fair market value of the property as of the base date.

3. The Act is further amended by adding the following immediately after section 17:

Re-assessment of property

17.1 (1) Property to which this Act applies shall be assessed or re-assessed within 2 years of the base date.

(2) For taxation purposes, an assessment of a property under subsection (1) becomes effective 2 years after the base date which was used to determine fair market value for that assessment.

ST. JOHN'S ASSESSMENT ACT

RSN1990 cS-1 as amended

4. Subsection 2(1) of the St. John's Assessment Act is amended by repealing paragraph (a.1) and substituting the following:

(a.1) "base date" means

(i) January 1, 1996, or

(ii) January 1, of every third year after 1996,

whichever is the most recent;

5. (1) Subsection 49(1) of the Act is amended by striking out the words "as of the base date established by the chief assessor by" and substituting the word "to", and by striking out the word "to" immediately after the word "buyer" and substituting the word "by".

(2) Section 49 of the Act is further amended by adding the following immediately after subsection (1):

(1.1) A determination of market value under subsection (1) shall be made by determining the market value of the property as of the base date.

(3) Subsection 49(3) of the Act is repealed and the following substituted:

(3) Notwithstanding paragraph 2(1)(a.1) and subsections (1) and (1.1), for the purpose of assessments conducted in 1994, 1995, 1996 or 1997 that are used for taxation in 1995, 1996 or 1997, 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 seller to a willing buyer, both of whom are knowledgeable in the market.

(4) Subsection (3) is considered to have come into force on December 1, 1994.

6. The Act is further amended by adding the following immediately after section 49:

Re-assessment of property

49.1 (1) Property to which this Act applies shall be assessed or re-assessed within 2 years of the base date.

(2) For taxation purposes, an assessment of property made under subsection (1) becomes effective 2 years after the base date which was used to determine market value for that assessment.