You’ve received your New Brunswick Property Assessment in the mail… now what? Review it!!!
It has important information on it and it determines what your property taxes will be based on this year.
Verify the contact information and names it’s addressed to (those are the ones on the title as well)
Property Identification are helpful when you’re going to sell and your Realtor is doing their homework to look up the info
Property Location & description should be reviewed for accuracy- is it a residence & lot or a vacant land?
Property assessment Info is the details of how your property taxes will be determined in March. Verify if it’s owner-occupied- if not, there is additional tax that will be charged. The Spike protection will cap the amount that can be taxed and it’s max amount the taxable assessment can be increased is 10% year to year (excluding new construction or if you’ve done major renovations).
On the right will be a 5 year history of your assessment values.
If you don’t agree with the assessed value, you can decide if you’re going to apply to appeal the assessment. Before you call, ask yourself- if I were to sell my house today, would it sell for the assessed value? If you find yourself saying yes more than likely then you might not want to make that call. They can come back and reassess at a higher price if they’ve narrowed in on your property. You will need details on why you don’t agree so you’ll need to do some homework to provide. As your local Realtor, I’m happy to have a conversation about the market in your area and if needed am able to provide a report for you. You have until February 14 2024 to file an appeal.
If an appeal is needed here are the things you will need to have:
Property Account Number (PAN)
Access Key
Full, complete and detailed reasons for objecting to the Real Property Assessment value
Full name, mailing address (including postal code) and telephone number
Get ahead of your tax bill in March to determine an approximate value you will have to pay by May… find your municipal tax rate! Saint John city adjusts their tax rate on a yearly basis according to what the province shares for general increases and what is needed in the budget. Saint John city’s tax rate for 2024 is $1.58/ $1000 of taxable assessed value (a decrease from $1.71 in 2023).
I’m always here to help!
Renee
