Whether we average residential property owners realize it or not, that restrictive relationship between residential and non-residential tax rates in NB is costing us money.
At first glance, tax agents appear to play a critical role in challenging property assessments in New Brunswick, thereby keeping taxes in check. But do they?
What exactly is revenue neutrality and how does it apply to the property assessment and taxation system in New Brunswick? Answer: it doesn’t. And it’s costing us all a lot of money.
What people really want to know is: 1) how much more is the government’s budget this year and on what is it spending money? and 2) how much more tax will I have to pay this year than I did last year?
As per Service New Brunswick’s own information, “Spike Protection prevents your Assessment for Taxation from increasing more than 10% a year (excluding new construction, properties sold in the previous year, or major improvements)”.
In that the third week of January is when our property assessment notices arrive, it’s a time of year that fills many New Brunswickers with dread.
Starting this tax year (2025), the valuation date for your property assessment will be January 1 of the previous year – 2024, in this case – instead of the current year.
Everyone hopes for a little special something in their Christmas stocking on that magical morning....
In addition to the Assessment Act, this is the other piece of NB legislation that has to change in any systemic reform
