New Brunswick’s REALTORS® Call For Common Sense Property Tax Reforms

September 10, 2018

FREDERICTON – With the provincial election underway, the New Brunswick Real Estate Association (NBREA) is calling on politicians to bring common sense to property taxes. The NBREA represents the issues of about 800 REALTORS® in New Brunswick.

“New Brunswickers deserve property taxes that make sense,” said Kari McBride, Chair of the NBREA Government Relations Committee. “This election, we’re asking politicians to commit to making property taxes fair, transparent, and consistent across the province.”

The NBREA has identified three key priorities for property tax improvements:

  1. Fair property value assessments
  2. Fair land transfer taxes
  3. Ending double taxation

“A fair property tax system will greatly benefit New Brunswickers,” said Don Darling, Mayor of Saint John and 1st Vice President of the Cities of New Brunswick Association. “It will ensure greater tax equity between homeowners and big businesses, and will spur economic development and more reasonable apartment rental rates.”

At the heart of many of New Brunswick’s property tax issues is the property value assessment system. MLS® data from residential sales in the province last year showed that more than 90 per cent of assessments did not reflect true market value.

“Inaccurate property value assessments have a domino effect that negatively impacts many homebuyers,” said Claudia Simmonds, CEO of the Canadian Home Builders’ Association New Brunswick. “If a house’s assessment is higher than its market value, its owners will pay more than their fair share of taxes.”

The NBREA has also echoed other organizations’ calls to end double taxation on non-owner-occupied properties. In addition to negatively impacting the 250,000 New Brunswickers who rent, double taxation discourages real estate investment and business development.

“Ongoing business development and investment is crucial to growing our province’s economy,” said Krista Ross, CEO of the Fredericton Chamber of Commerce. “Fixing New Brunswick’s property tax system will ensure we are competitive in the global market.”

The NBREA is calling for the creation of a task force with government and non-government members to recommend changes, as well as a comprehensive review of the province’s entire property tax system.

“Ultimately, a fair and transparent property tax system will benefit both individual property owners and the province at large,” said McBride.

More information about the solution to New Brunswick’s property tax problems can be found at nbrea.ca/election2018

 

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Contact:

Jamie Ryan
CEO, New Brunswick Real Estate Association
506-459-8055

jryan@nbrea.ca