Acts and Regulations

2023, c.32 - An Act to Amend the Real Property Tax Act

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2023, c.32
An Act to Amend the
Real Property Tax Act
Assented to December 13, 2023
His Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:
1Section 5 of the Real Property Tax Act, chapter R-2 of the Revised Statutes, 1973, is amended
(a) in subsection (1.09) in the portion preceding paragraph (a) by striking out “and every subsequent year”;
(b) by adding after subsection (1.09) the following:
5(1.0901)For the year 2024 and every subsequent year, the rates of tax to be used in paragraph (1)(a) are:
(a) $0.5617 on each $100 valuation of real property being residential property referred to in paragraphs (a) to (f) and (h) and (i) of the definition “residential property” in section 1 of the Assessment Act; and
(b) $1.0345 on each $100 valuation of real property being residential property referred to in paragraphs (g) and (j) to (n) of the definition “residential property” in section 1 of the Assessment Act.
2This Act comes into force on January 1, 2024.