Keep an eye on your mailbox this week for a property assessment notice for 2023.
Over 477, 000 of them have been sent out.
“New Brunswick continues to experience a strong real estate market and a growing population,” said Service New Brunswick Minister Mary Wilson. “Local governments will need to take these assessment increases into consideration when setting their property tax rates for next year.”
Assessments totalled $81 billion for 2023, that’s up almost $8 billion over last year.
A spike-protection mechanism is in place for most owner-occupied residential properties with an assessment increase greater than 10 percent. This does not apply to new construction, properties that have been sold in the previous year, or those that have undergone major improvements.
This mechanism was implemented in 2013 to protect eligible property owners from significant one-year spikes in their assessment.
The actual property tax bills will be issued by mail on March 1.
