Each year, property assessors investigate and analyze all real estate sales and exclude sales that do not meet various criteria from any adjustments. While some homes this year 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.
A Spike Protection Mechanism is in place for most owner-occupied properties with a greater than 10 percent increase in their assessment. Properties that have sold in the previous year and all new construction and/or major improvements made to a property are excluded.
Property owners can call 1-888-762-8600 and ask to speak with a Service New Brunswick representative or are encouraged to visit www.myNBpropertyassessment.ca to learn more about property assessment.
Property owners have until Nov. 1, 2021 to file a Request for Review if they do not agree with the assessment.