The New Brunswick Real Estate Association fears residents of the province may have paid more land transfer tax given the recent admission by the Gallant government about faulty assessments.
Association spokesperson Kari McBride says the province needs a fair and equitable property tax system and that’s not the case right now.
“A taxation system that is going to move us forward into the future. At this point, they (the province) has called for an inquiry but we feel that is not enough,” she notes.
The Association’s research shows 55 percent of all properties in Greater Moncton sold for below the assessed value last year yet buyers are charged the transfer tax on the assessed value.
Given the current assessment fiasco, McBride adds many New Brunswickers may have paid more in land transfer taxes.
The Association wants the province to create a task force which includes major stakeholders including realtors.
