Thank you, Mr. Chairman. Mr. Chairman, the Standing Committee on Infrastructure reviewed Bill 8; An Act to Amend the Property Taxation and Assessment Act, on September 23, 1998. The committee would like to thank the Minister of Municipal and Community Affairs and her deputy minister for presenting the bill. The bill extends the time period from nine to ten years within which a reassessment or a revision of the assessed value of assessable property must be carried out before the assessed value lapses. For properties within the General Taxation Area, the nine-year period ends October 31, 1998. Although the department has stated that assessments will be completed on time, there would be serious consequences if unforeseen events were to delay the completion. Bill 8 provides an extra level of comfort by extending the nine-year period to ten years.
The committee agrees that an extension will provide an extra degree of security, but stresses that regular and timely assessments are needed. The committee was also concerned that there were some communities within the General Taxation Area that may have not been assessed or have not paid any portion of property taxes due. Mr. Chairman, the department explained that all properties have been assessed and, although the collection rate is low in comparison to the total amount payable, the Department does adhere to accepted overdue collection procedures.
Mr. Chairman, following the committee's review, a motion was carried to report Bill 8; An Act to Amend the Property Assessment and Taxation Act, to the Assembly as ready for the committee of the Whole. Additional comments or questions of Members may be posed as we proceed. Thank you, Mr. Chairman.