News Release

FREDERICTON (GNB) – A temporary property tax relief program available for the 2022 and 2023 taxation years has been extended and expanded for 2024.

The program was available in 2022 and 2023 for non-residential properties and apartment buildings with four units or more that had annual property assessment increases greater than 10 per cent. That program has been extended to include all properties for 2024 and applies to the provincial and local portions of property tax, excluding recent sales, new construction, major improvements or property values set by legislation.

“Affordability is on the minds of many people in the province, and we are committed to ensuring there are appropriate measures in place to help New Brunswickers find relief from the rising costs of living,” said Finance and Treasury Board Minister Ernie Steeves.

Eligible properties will receive a property tax credit from the department in March. No application is required.

Beginning in the 2025 taxation year, a permanent 10 per cent spike protection mechanism will be applied to all properties excluding recent sales, new construction, those with major improvements, and those with property values determined in accordance with legislation and/or regulation. In 2025, the spike protection for the expanded program will be based on the 2024 assessment value.

Currently, the permanent spike protection mechanism is in place for eligible owner-occupied residential properties with an assessment increase greater than 10 per cent.

“Over the past few years, our government has implemented many protections for property owners to help with rising costs, including a temporary property tax relief program offered in the 2022, 2023 and 2024 taxation years,” said Service New Brunswick Minister Mary Wilson. “Expanding the permanent spike protection mechanism to cover more properties will ensure property owners continue to be protected from big spikes in assessment values beyond 2024.”

Property assessment notices for 2024 will be mailed Jan. 15. Property owners will have 30 days from the day their notice is sent to request a review of their property’s value.

Property tax notices are subsequently mailed on March 1.

More information on how properties are assessed is available online.