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Third
Session, 45th General Assembly 55
Elizabeth II, 2006 |
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AN ACT TO AMEND THE
ASSESSMENT ACT |
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Received and Read the First Time................................................................................................... |
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Second |
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Committee............................................................................................................................................ |
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Third |
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Royal Assent...................................................................................................................................... |
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HONOURABLE
JACK BYRNE Minister of Municipal Affairs |
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Ordered
to be printed by the Honourable House of Assembly |
EXPLANATORY NOTE This Bill would amend the Assessment Act and the |
A AN ACT TO AMEND THE ASSESSMENT ACT Analysis ASSESSMENT ACT 1.
S.17.2 Added 2. S.38 Amdt. 3.
S.49.2 Added 4. S.77 Amdt. Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: ASSESSMENT ACT RSNL1990 cA-18 1. The Assessment Act is amended by adding immediately after section 17.1 the following: Special purpose property 17.2 (1) In this section (a) "reproduction cost of a property" means the cost, less physical depreciation, required to construct a reasonably identical replacement of the property using the same or similar materials, construction standards, design and quality of work, calculated on the basis of prevailing prices and on the assumption of normal competency and normal conditions; and (b) "special purpose property" means a property that has a design or lay out or is constructed of special materials or in a manner that restricts its use. (2) Notwithstanding section 17, an assessor shall assess a special purpose property based on the reproduction cost of the property. 2. Section 38 of the Act is amended by adding
immediately after subsection (1) the following: (1.1) Where the property is a special purpose
property as defined in section 17.2, a commission, after hearing the evidence,
shall confirm the assessment appealed against or amend it by increasing or
decreasing it where the commission believes that it is above or below the reproduction
cost of the property. RSNL1990 cS-1 3. The Special purpose property 49.2 (1) In this section (a) "reproduction cost of a property" means the cost, less physical depreciation, required to construct a reasonably identical replacement of the property using the same or similar materials, construction standards, design and quality of work, calculated on the basis of prevailing prices and on the assumption of normal competency and normal conditions; and (b) "special purpose property" means a property that has a design or lay out or is constructed of special materials or in a manner that restricts its use. (2) Notwithstanding section 49, an assessor shall assess a special purpose property based on the reproduction cost of the property. 4. The Act is amended by adding immediately after subsection 77(3) the following: (4) Where the property is a special purpose property as defined in section 49.2, the court shall only amend an assessment on the basis that it is above or below the reproduction cost of the property. ŠEarl G. Tucker, Queen's Printer |