Nearly 130 000 property owners will receive their 2021 property assessment or amended property assessment notice this week. The adjustments to the valuations are only for 2021.
Several of the property owners are businesses that were impacted by COVID-19. Properties most likely to see decreases in their valuations are hotels, shopping centres, restaurants, office buildings and airports.
“There is no question that the lockdown and other restrictions imposed to limit the spread of COVID-19 has had an impact on the market value of a number of property types, not only in New Brunswick but across Canada and around the world,” said Service New Brunswick Minister Mary Wilson
100,287 homeowners will receive an amended assessment notice due to the changes of the Assessment Act.
The change was an attempt to create a fair property tax system and give local governments the chance to raise additional revenue.
Property owners that receive a 2021 assessment notice or an amended notice have 30 days to request a review.
