Acts and Regulations

A-14 - Assessment Act

Section 15.7
Disposition versions

Full text
Assessment of eligible residential property in 2021 and subsequent years
2020, c.22, s.4
15.7(1)In this section, “current year” means the year in which the assessment is made.
15.7(2)This section applies in the year 2021 and every subsequent year to real property that is assessed in the name of a person who is entitled to a credit in respect of that real property or a portion of it under section 2.1 of the Residential Property Tax Relief Act, other than a credit under subsections 2.1(3) and (7) of that Act.
15.7(3)Subject to subsection (6), the amount of an assessment on real property referred to in subsection (2) for the current year is the lesser of the real and true value for the current year and the value of K as calculated under subsection (4).
15.7(4)The value of K is calculated as follows:
[(Lp – Mp) × 1.1] + P + N
4where
4Lp is the real and true value as of January 1 of the year previous to the current year of the portion of the real property for which the person is entitled to a credit under section 2.1 of the Residential Property Tax Relief Act;
4Mp is the number calculated as follows:
V – W
where
V is the real and true value of the real property as of January 1 of the year previous to the current year, and
W is the amount of the assessment on the real property for the year previous to the current year;
4P is the real and true value as of January 1 of the current year of any new construction on and improvements to the portion of the real property for which the person is entitled to a credit under section 2.1 of the Residential Property Tax Relief Act; and
4N is the real and true value as of January 1 of the current year of the portion of the real property for which the person is not entitled to a credit under section 2.1 of the Residential Property Tax Relief Act.
15.7(5)The minimum value of the assessment on real property under subsection (2) for the current year is $100.
15.7(6)If real property referred to in subsection (2) is transferred in the current year, it shall be assessed for the year following the current year at its real and true value as of January 1 of the year following the current year, except in the circumstances prescribed by regulation.
2020, c.22, s.4