Supplementary tax notices sent out11 April 2018
FREDERICTON (GNB) – An additional 3,100 property assessment and tax notices have been sent out as part of the supplementary billing cycle on April 1.
The new data has been uploaded to Property Assessment Online.
“Over half of the supplementary tax notices are the result of property owners not applying for the residential tax credit,” said Service New Brunswick Minister Serge Rousselle. “Each year many property owners do not apply for the residential tax credit. When this oversight is identified, a property owner is required to make an application for the provincial tax credit on their principal residence. Upon approval, a new property assessment and tax notice will be issued for the future month billing run. It is important for property owners to realize upon purchasing a home or making a title change to the current ownership of a property, they are required to make an application for the residential tax credit. Often, the solicitor working on behalf of the property owner will provide the necessary application form.”
Most of the remaining property assessment and tax notices being issued in the April billing cycle are those that were held back to allow the 2017 Request for Reviews to be completed and additional quality control checks.
There are two tax benefit programs for homeowners. The Residential Tax Credit provides a credit against all or a portion of the provincial tax levy on a principal residence. However, when a residential property transfers to a new owner, or there is a change in the names on the deed of the property, the tax credit is removed from the property and the person(s) named on the deed must complete an application for the credit.
The Property Tax Allowance gives a tax break to low-income property owners. To qualify for the Property Tax Allowance, you must own your property, it must be your principal residence, and you must be receiving the Residential Property Tax Credit.
If you and your spouse have a combined taxable income:
- of less than $22,000, you are eligible for a rebate of up to $300.
- between $22,001 and $25,000, you are eligible for a rebate of up to $200.
- between $25,001 and $30,000, you are eligible for a rebate of up to $100.
More information on tax credit programs is available online.