of Bill :
Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:
1 Section 1 of the Assessment Act, chapter A-14 of the Revised Statutes, 1973, is amended by adding the following definition in alphabetical order:
"homestead" means an owner-occupied traditional family property 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 "homestead"; and
(b) prescribing a homestead assessment relief program, including guidelines, requirements, criteria, conditions, rates, administration and all related procedures.
7.3(2) A regulation under subsection (1) shall be retroactive in its operation to January 1, 2005.
3 This Act or any provision of it comes into force on a day or days to be fixed by proclamation.