Property assessment notices are on their way01 October 2021
FREDERICTON (GNB) – Property owners will find out the value of their property in the coming days as annual assessment notices are mailed.
New Brunswick’s overall assessment base, meaning the assessed value of all properties in the province, increased 7.7 per cent, or $5.2 billion, to $73 billion. This increase was experienced provincewide due to a strong real estate market and new construction.
“The housing market has seen a significant growth across Canada since the onset of COVID-19, and New Brunswick is no exception,” said Service New Brunswick Minister Mary Wilson. “This is great news for our province, as it indicates a growing population and improving economy.”
Service New Brunswick is responsible for the assessment of all real property in the province. Property assessment is a vital component in the process of real property taxation and local government financing.
Property assessors investigate and analyze all real estate sales annually and exclude from adjustments any that do not meet certain criteria. Wilson said, although some homes have been selling well above the asking price, one sale does not make a market.
“Assessors are qualified individuals that use appraisal industry best practices in determining real and true market value of all properties,” said Wilson.
A spike protection mechanism is in place for most owner-occupied properties with an assessment increase greater than 10 per cent. This does not apply to new construction, properties that have been sold in the previous year, or those that have undergone major improvements.
This mechanism was implemented in 2013 to protect eligible property owners from significant one-year spikes in their assessment.
Property owners have until Nov. 1 to file a request for review if they do not agree with their assessment.
While homeowners can expect to receive their assessment notices the first week of October, local governments will receive their financial information for budgeting purposes, including tax base information, from the Department of Environment and Local Government in the coming weeks.
Property tax bills, which factor in a property’s assessment and tax rate, will be in the mail March 1, 2022. Property tax rates for municipalities are set by local governments.
To learn more about property assessment, call 1-888-762-8600 and ask to speak with a Service New Brunswick representative or visit www.myNBpropertyassessment.ca.01-10-21