New Brunswickers receive property assessments for 2024 following record setting 2023

New Brunswickers can expect their property assessment notices for the 2024 taxation year to arrive in the mail this week.

The annual assessment carried out by Service New Brunswick plays a crucial part in allowing varying levels of government to set tax rates. This is the first year the provincial government has delivered the assessment notices in January, having done so in October in years past.

Over the past year, 479,000 properties have been assessed in the province, with the total value across New Brunswick coming in at $89.4 billion. It’s an increase of $8.4 billion from 2023, or a rise of 10.4 per cent.

“People say is this good or is this bad, so it’s good in the sense that our properties are, for most of us, the most significant investment of our lives,” says Service New Brunswick Minister Mary Wilson. “So of course we want to see that value in our property increase, but [residents] are concerned about their property tax bill.”

There are a number of factors that go into determining the value of one's home, including location, lot size, home condition, and the total finished floor area.

The assessed values reflect the strong real estate market nationwide. Eleven per cent of property owners will see no change in their assessment values, 24 per cent will see a zero to five per cent increase, while 22 per cent will see a hike from five to 10 per cent. The remaining 43 per cent of owners can expect a value increase north of 10 per cent. And 0.2 per cent of owners will actually see a decrease in their property value.

“I’m confident that COVID is what started all of this,” believes Wilson. “Because all of the sudden Canadians from east to west were saying New Brunswick looks like the place to be.”

Many residents worry what a large increase in their property assessment value could mean for their property taxes among other costs. Wilson points to a number of programs for help, including the spoke protection mechanism that is in place for eligible home owner-occupied residential properties with an assessment increase greater than 10 per cent.

Other programs include the property tax allowance, the equalized payment plan, and even a property tax deferral program for seniors.

“A senior citizen who is a homeowner can call the department of finance,” Wilson notes. “And say I want to take advantage of the senior tax deferral immediately. I don’t want to pay anymore property taxes then I’m paying now for the rest of my life. And it will stay frozen at this amount until such time the property is sold and when the house is sod at that point the difference would be due.”

Residents can view there own, and other property value assessments through the SNB Property Assessment Online which is in the process of being updated.

Those who disagree with their property assessment can file for a request for a review either online or by phone. The deadline to file a request is February 14.

For more New Brunswick news visit our dedicated provincial page.