Secondary residence 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. It was introduced over a period of years in the 1970's to lessen the tax load on homeowners and to promote home ownership.
Every individual owning their principal residence in New Brunswick is eligible and receives the provincial residential property tax credit - that is, a typical homeowner pays property tax to the municipality but is exempted from paying any provincial property tax.
Most people in New Brunswick do not own more than one residence. Government recognizes the importance of the primary residence to New Brunswickers and provides this provincial residential property tax credit. Those with secondary or seasonal residences are not eligible for this credit on their second property as it is, by definition, not their primary residence.