Spikes in property tax assessments could soon be a thing of the past for more homeowners if provincial legislation passes.
The provincial government has introduced legislation to expand a permanent spike protection mechanism, beginning in 2025. It would limit annual property assessment increases to 10 percent on all eligible properties, excluding recently sold properties and those with new construction or major improvements.
“Since 2020, New Brunswick has experienced unprecedented population growth and an active real estate market,” said Service New Brunswick Minister Mary Wilson. “These factors are putting strain on property owners who continue to see significant rises in their property’s assessed values and, in some cases, provincial and local taxes. Property owners have asked for more permanent protection against annual property assessment increases, and we have listened.”
A permanent spike protection mechanism is already in place for eligible owner-occupied residential properties with an assessment increase greater than 10 percent. This was implemented in 2013 to protect those homeowners from significant spikes in their assessment. It excludes properties with new construction or major improvements, those that have been recently sold, and vacant land.
The total value of property assessments in the province for 2024 is $89.4 billion, an increase of 10.4 percent, or $8.4 billion, over the previous year.
Property assessment notices for 2024 will be mailed on January 15. Property owners will have 30 days from the day their notice is sent to request a review of their property’s value.
More information on how properties are assessed can be found HERE.
