Acts and Regulations

2012-15 - Property Tax Deferral Program for Seniors

Section 7
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Interest
7(1)If an amount of taxes deferred for a given taxation year is unpaid on the last day, or the last Saturday if the last day is a Sunday, of the calendar month in which the period described in subsection (2) expires, the amount bears interest at the rate of
(a) for the 2012 taxation year,
(i) 3.25% per year if the anticipated total family income for the year 2012 is less than $124,178, or
(ii) 8.25% per year if the anticipated total family income for the year 2012 is equal to or greater than $124,178; and
(b) for any taxation year after 2012,
(i) the provincial ten-year borrowing rate on December 31 of the year preceding the taxation year if the anticipated total family income for the year in which the application is made is less than the amount taxable provided for in paragraph 14(3)(d) of the New Brunswick Income Tax Act, or
(ii) the sum of the rate referred to in subparagraph (i) and 5% if the anticipated total family income for the year in which the application is made is equal to or greater than the amount taxable provided for in paragraph 14(3)(d) of the New Brunswick Income Tax Act.
7(2)The period is 85 days after the date on which the real property tax notice is mailed under subsection 7(2) of the Act.
7(3)The Minister may examine the total family income at any time for the purposes of determining the applicable rate of interest and may adjust the rate of interest accordingly.
2019, c.11, s.4
Interest
7(1)If an amount of taxes deferred for a given taxation year is unpaid on the last day, or the last Saturday if the last day is a Sunday, of the calendar month in which the period described in subsection (2) expires, the amount bears interest at the rate of
(a) for the 2012 taxation year,
(i) 3.25% per year if the anticipated total family income for the year 2012 is less than $124,178, or
(ii) 8.25% per year if the anticipated total family income for the year 2012 is equal to or greater than $124,178; and
(b) for any taxation year after 2012,
(i) the provincial ten-year borrowing rate on December 31 of the year preceding the taxation year if the anticipated total family income for the year in which the application is made is less than the amount taxable provided for in paragraph 14(3)(d) of the New Brunswick Income Tax Act, or
(ii) the sum of the rate referred to in subparagraph (i) and 5% if the anticipated total family income for the year in which the application is made is equal to or greater than the amount taxable provided for in paragraph 14(3)(d) of the New Brunswick Income Tax Act.
7(2)The period is 85 days after the date on which the assessment and tax notice is mailed under subsection 7(2) of the Act.
7(3)The Minister may examine the total family income at any time for the purposes of determining the applicable rate of interest and may adjust the rate of interest accordingly.
Interest
7(1)If an amount of taxes deferred for a given taxation year is unpaid on the last day, or the last Saturday if the last day is a Sunday, of the calendar month in which the period described in subsection (2) expires, the amount bears interest at the rate of
(a) for the 2012 taxation year,
(i) 3.25% per year if the anticipated total family income for the year 2012 is less than $124,178, or
(ii) 8.25% per year if the anticipated total family income for the year 2012 is equal to or greater than $124,178; and
(b) for any taxation year after 2012,
(i) the provincial ten-year borrowing rate on December 31 of the year preceding the taxation year if the anticipated total family income for the year in which the application is made is less than the amount taxable provided for in paragraph 14(3)(d) of the New Brunswick Income Tax Act, or
(ii) the sum of the rate referred to in subparagraph (i) and 5% if the anticipated total family income for the year in which the application is made is equal to or greater than the amount taxable provided for in paragraph 14(3)(d) of the New Brunswick Income Tax Act.
7(2)The period is 85 days after the date on which the assessment and tax notice is mailed under subsection 7(2) of the Act.
7(3)The Minister may examine the total family income at any time for the purposes of determining the applicable rate of interest and may adjust the rate of interest accordingly.