Fri. Feb 23rd, 2024

Property values ​​go up on the rise in New Brunswick

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Vigorous residential growth in the Moncton area contributed to the increase of the tax base in the province. (Archive photo)

  • Nadia Gaudreau (View profile)Nadia Gaudreau

Property values ​​in New Brunswick continue to rise. A strong real estate market, particularly in the southeast, is to blame.

New Brunswick's overall tax base, that is, the total value of property assessments in the province, increased by 10.4% per compared to last year to reach $89.4 billion.

The cities that saw the largest increase in their tax base were Dieppe, Moncton and Fredericton.

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During a technical briefing on Monday, Service New Brunswick officials explained that the residential market is the main driving force behind this increase, the second largest in the province's history. .

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The Service NB office in Bathurst (archives)

Coastal properties and those near schools are still very popular in the province and have seen their value increase accordingly.

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The assessment notices were sent by mail to allow owners who wish to contest the increase within 30 days if it is greater than 10%. The statements will be mailed on March 1.

This increase across the province is largely attributable to a strong real estate market and new construction, particularly in the southeast region which is seeing the largest increases, says Service New Brunswick Minister Mary Wilson, in a press release.

The ministry recalls that several measures have been adopted in recent years to help owners struggling with an increase in their property tax.

Since 2013, a capping mechanism has protected owners against significant increases in their property assessment of more than 10%, unless it is a new construction, a recently sold house or if the house has underwent major renovations. In 2022, this protection was offered to owners of apartment buildings and this year it will be extended to all owners.

This mechanism only slows down the increases and spreads them out over several years.

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Service New Brunswick sends 479,000 property assessments each year. (File photo)

According to the province, 176,000 residential owners and 60,000 other owners will benefit from this measure this year. They don't have to do anything to benefit, and the cap will be applied automatically.

Citizens who want to can still contest the increase in the assessment on the Service NB website. It is possible to consult the value of your property on the Service New Brunswick website (New window).

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Keith Chiasson, MP for Tracadie.< /p>

Liberal MP Keith Chiasson, spokesperson for the official opposition for issues related to Service NB, says this increase worries him.

“We are getting hit from all sides with increases. NB Power, food, interest rates. It doesn't stop anymore. Increases of $50, $60 here and there add up at the end of the month. This means that for people on fixed incomes or even young families, at the end of the month it becomes more and more difficult,” he says.

According to him, the capping mechanism should be offered to more owners, for example to people buying their first home.

“One of the challenges for young people in the province is buying that first house. If we can give them a little helping hand, a little helping hand to absorb the cost of a new house – especially with interest rates being extremely high these days – I'm in favor of that.” , says Keith Chiasson.

David Coon, leader of the Green Party, is of the same opinion. “Spike protection must be available to everyone. […] It’s a question of fair treatment,” he says.

– With information from Nicolas Steinbach

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