An Act to Amend the Assessment Act
Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:
1 The Assessment Act, chapter A-14 of the Revised Statutes, 1973, is amended in section 1 by adding the following definition in alphabetical order:
"owner-occupied residence" means a building used as a self-contained domestic establishment occupied by the owner and containing necessary facilities for sleeping and the preparation and serving of meals and as further defined by regulation;
2 The Act is amended by adding after section 7.2 the following:
7.3(1) The Lieutenant-Governor in Council may make regulations
(a) under section 1, respecting the definition "owner-occupied residence"; and
(b) prescribing an owner-occupied residence assessment relief program.
7.3(2) An owner-occupied residence assessment relief program prescribed under paragraph (1)(b) shall establish an annual allowable increase in the assessment of owner-occupied residences that shall not exceed three percent of the amount of the previous year's assessment.
7.3(3) A regulation under paragraph (1)(b) shall be retroactive in its operation to January 1, 2007.
3 This Act comes into force on a day to be fixed by proclamation.