Government of New Brunswick

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 30 days after the mailing of Property Assessment Notices to file a Request for Review if they do not agree with the assessment

Assessments are based on market value – the price that a property would likely sell for on the open real estate market at a given point in time, January 1st of each tax year.

Market values are used because they are transparent (real estate prices are public knowledge), easy to understand and a fair and realistic measure of a property's value. Market value assessments are the most common method of property assessment used in North America today.

Our assessors do not determine market value; they are simply reflecting the values that have been established by buyers and sellers in local real estate markets across the province.

 

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But how do the Assessors determine these values? Assessors look at a variety of factors when assessing your property, including its location, sale prices of homes or properties in your area, and any recent renovations or improvements made to your property.

Secondary residences are assessed in the same manner as primary residences - by using the market value standard and by looking at all the same factors - sales prices in the neighborhood, new construction and renovations.

However, secondary residences are taxed in a different way than primary residences. Owners of secondary residences do not receive the provincial Residential Property Tax Credit, which is for primary residences only.

 

As the old saying goes, “looks can be deceiving”. Your house and your neighbor’s house may look identical from the outside but internal factors distinguish the properties from one another. Your neighbor may have finished the basement or renovated the bathroom; these are factors that increase property value. There may also be two identical houses, exterior and interior, but are situated in two different regions. They may have different assessments depending on the market force of each region.

The bottom line is that each assessment is unique to the individual house or property.

 

Property assessment, based on market value, plays a valuable and important role in paying for local and provincial services across the province. The assessed value of homes and other properties within a municipality or rural area make up what is known as the tax base.

As part of their annual municipal budget process, local governments use their tax base to determine what tax rate they need to use to cover their spending for the following year.

For most homeowners within a municipality, your tax bill is largely a result of the following equation:

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For certain types of property, the provincial government also applies a tax to help cover the cost of provincially provided services, such as road maintenance and snow removal. These properties include:

  • Rental
  • Industrial
  • Recreational
  • Commercial
  • Homes in Regional Districts (RDs)

For more information about Municipal Property Taxes, contact your Local Government or the Department of Environment and Local Government.

Owner-occupied properties are protected from unexpected assessment spikes. Any increase greater than 10 per cent will be phased in over time, making assessment growth much more stable and predictable. Properties that have sold in the previous year and new construction and/or major improvements are excluded from this protection.

In most cases, assessors can evaluate market factors and determine market values by October of each year for existing properties.

However, properties that are under construction or had major renovations in the fall may not receive their notice of assessment until January. This gives Property Assessment Services additional time to provide a more accurate property value as a result of the recent changes.

Property owners will be notified in October if their Property Assessment Notice is to be held and issued in January.

For properties that sell after the October assessment notice is mailed and before December 31, the new property owner will receive their assessment notice in January.

 

The Request for Review process is for those who feel their property’s assessed value does not reflect market value. Market value is the price a property would likely sell for on the open real estate market.

Property owners have 30 days after the mailing of Property Assessment Notices to request a review. This can be done online at www.myNBpropertyassessment.ca or by calling a Service New Brunswick representative at 1-888-762-8600.

Property Assessment Services is currently processing a high volume of applications for property tax relief due to damage or destruction caused by Hurricane Fiona. As a result, some property owners may experience a delay in the answering of their request for review. The assessor will contact you directly when he or she begins to process your Request for Review. Following the review, the assessor will send you a notice of the decision.

While every effort is made to provide a decision prior to the mailing of the property tax notice, property owners are responsible to pay the amount indicated on the property tax notice in full to avoid penalties. Any reduction in assessment after full payment has been made will result in a credit balance, which will remain in the account as a prepayment towards next year's taxes unless a written request for a refund is received.

For more information on paying your property tax, please visit NB Property Tax.

If you haven’t received your notice it may be one of the many ‘return to sender’ notices at our office. You can update your address online www.myNBpropertyassessment.ca or by calling a Service New Brunswick representative at 1-888-762-8600.

To change your mailing address online, please visit www.myNBpropertyassessment.ca  and select “Update Your Mailing Address”. Your Property Account Number (PAN), old postal code, new postal code, contact name, a phone number and email address will be required. If you are unable to provide the required information, please call 1 888-762-8600.

Property Taxes are administered by Finance and Treasury Board.

Your Property Tax Notice (bill) will be mailed out separately in March.  The amount owing presented on your tax notice must be paid in full by May 31 to avoid penalties. For more information, please visit NB Property Tax.

 

The boundary changes resulting from Local Governance Reform do not impact assessment values. These new boundaries impact local governance, including taxation.

For more information visit Local Governance Reform.

Property owners, including owners of recreational properties, may be eligible for an adjustment of their 2022 property taxes due to damage caused by Hurricane Fiona.

Property owners that have experienced damage can complete a form for an application for adjustment of tax. Property Assessment Services will review the application and make an adjustment to the property assessment to reflect the damages incurred. There is no adjustment of tax on unimproved properties such as vacant land.

Affected property owners can apply for an adjustment of tax by calling 1-888-762-8600 or by clicking here.