What is the test for determining the value of real estate for assessment purposes?
New Brunswick, Canada
The following excerpt is from Executive Director of Assessment v. Ferme Montagnaise Inc., 2003 NBQB 385 (CanLII):
51. It also noted the following comments from Mr. Justice Ritchie at page 172 of Regina v. Assessors of the Town of Rothesay, (supra): The value of real estate for assessment purposes is not value to the particular owner, but value to any owner ― the exchange value or the value to the prudent purchaser (the willing seller and willing buyer principle).
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