Property tax system overhaul to focus on stability, transparency and fairness

Release

Department of Finance and Treasury Board

July 03, 2025

FREDERICTON (GNB) – The provincial government is engaging with New Brunswickers as it moves forward with a commitment to overhaul the property tax system.

Record growth in the province’s real estate market in recent years has led to substantial increases in some property values and, in turn, higher taxes for many property owners, particularly those with residential properties.

“Change is needed,” said Finance and Treasury Board Minister René Legacy. “New Brunswickers want and deserve a property tax system that is transparent and provides fairness and stability moving forward. This overhaul is intended to support a long-term transformation that is sorely needed.”

Provincial and local governments use property tax revenues to deliver services to New Brunswickers. As part of the overhaul project, both the assessment and property tax systems will be reviewed, and reform options will be considered.

The government is undertaking a consultation and engagement process that will include conversations with business communities, local governments, municipal associations and the public.

New Brunswickers are invited to participate in a public survey, which takes about 10 minutes to complete and is available online until Sunday, Aug. 10. The survey may also be completed over the phone by calling 1-833-724-0088. More details on the engagement process are available online.

“Offering the opportunity to contribute feedback is essential to building a system that reflects the needs and values of New Brunswickers,” said Legacy. “I encourage residents to take the time to participate.”

This broader phase of the overhaul follows the implementation of several short-term changes to the property tax system.

In June, An Act Respecting Property Tax Affordability Measures received royal assent, giving property owners some relief to mitigate the effects of rising assessments.

For the 2026 taxation year, eligible properties will have their property value for taxation frozen at the 2025 level.

For the 2026 and future taxation years, the equalized payment plan has been expanded to give more property owners the option of paying their property taxes in monthly instalments.

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