In May, 2004, the Provincial Government introduced Bill 40 - An Act to
Amend Chapter 23 of the Revised Statutes, 1989, the Assessment Act - with
a goal to protect Nova Scotia residents from the tax effects of dramatic
increases in property assessment values. The legislation enables the
Governor in Council to limit or “cap” the annual increase in the taxable
assessment value of eligible residential and resource property.1 The Bill was
enacted into law, principally, in section 45A of the Assessment Act (provided
in Appendix E), to take effect April 1, 2005.
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