This act declares a property tax on properties which are held by fee simple within the part of the province formerly known as Upper Canada. The act describes how the tax rates shall be determined, who is responsible for payment and collection, and the penalties for refusal or neglect of payment.
This act clarifies the how the collection of property taxes in the district of Wellington is to be done, the amount to be paid, as well as further defining the district of Wellington itself.
This continues an act passed in 1843 which enumerates the tariffs to be charged on various items being imported into Newfoundland in order to generate a revenue for the province.