News Release

FREDERICTON (GNB) – Property assessment notices for the 2024 taxation year have been mailed to property owners. Property tax notices, or bills, showing the amount owing for provincial and local taxes will be mailed March 1.

“We continue to experience another year of significant property assessment growth across New Brunswick,” said Service New Brunswick Minister Mary Wilson. “This provincewide increase is due largely to a strong real estate market and new construction, with the southeast region experiencing the largest increases.”

New Brunswick’s overall assessment base – the total value of property assessments in the province – is $89.4 billion, an increase of 10.4 per cent, or $8.4 billion, since last year.

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 to enable vibrant and sustainable communities,” said Wilson. “Our assessors are qualified individuals who use industry best practices in determining the real and true market value of all properties. The annual assessment base determined by property assessors allows the provincial and local governments to set tax rates.”

A spike protection mechanism is in place for eligible owner-occupied residential properties with an assessment increase greater than 10 per cent. It excludes properties with new construction or major improvements, those that have been recently sold, and vacant land. Beginning in the 2025 taxation year, the mechanism will be expanded to all properties, excluding recently sold properties and those with new construction or major improvements.

A temporary property tax relief program for non-residential properties and apartment buildings with four units or more was available for the 2022 and 2023 taxation years. The program, which excludes recent sales, new construction and major improvements, has been extended to all properties for 2024 and applies to the provincial and local taxation portion. The program includes a tax credit to be issued by the Department of Finance and Treasury Board in March. No application is required.

To further help property owners manage recent property tax increases due to rising assessments, a reduction in provincial property tax rates was introduced in the 2022 taxation year. This features a 50 per cent reduction for non-owner-occupied residential properties and a 15 per cent reduction for non-residential and other residential properties.

A property owner who disagrees with an assessment may file a request for review, free of charge, online or by calling 1-888-762-8600. The deadline to file this request for the 2024 taxation year is Feb. 14.

More information about property assessments is available online.