The province says it will reduce property tax rates for businesses and people owning rental properties and cottages.
Local Government Minister Bruce Fitch says other proposed changes include protection against large spikes in assessments. Fitch says he expects apartment dwellers will benefit from a reduction in the provincial tax on rental properties.
Willy Scholten of the New Brunswick Apartment Owners Association says it’s to early to say if that will mean lower rents.
He says up until this point property taxes represent 50 per cent of their expenses so if the tax rates are being decreased that should have an impact on rents.
Fitch says a new cost-sharing model will ensure the cost of R-C-M-P services is also shared more fairly. The changes require new legislation, which is expected during the next session of the legislature.
