BILL NO. 114

(as introduced)

2nd Session, 58th General Assembly
Nova Scotia
51 Elizabeth II, 2002

Private Member's Bill

Assessment Act
(amended)

Bill Estabrooks
Timberlea-Prospect

First Reading: April 10, 2002

(Explanatory Note)

Second Reading:

Third Reading:

This Bill sets the Consumer Price Index (All items) for Nova Scotia as the upward limit on the amount that an assessment on a residential property may rise from one year to the next.

Be it enacted by the Governor and Assembly as follows:

1 Section 42 of Chapter 23 of the Revised Statutes, 1989, the Assessment Act, is amended by adding immediately after subsection (3) the following subsections:

(3A) Notwithstanding subsections (1) to (3), the assessment of a residential property for an assessment year shall not increase from the immediately previous assessment year by more than the annual rate of increase in the Consumer Price Index (All items) published by Statistics Canada for the Province as measured for the year ending on the thirtieth day of November immediately before the filing of the roll, unless the property was sold during the immediately previous assessment year.

(3B) For greater certainty, for the purpose of subsection (3A) a property was not sold if ownership of the property changed as the result of a transfer between immediate family members either as a gift or a devise.