New Brunswick to Accelerate Property Tax Rate Reductions

On November 1, 2022, New Brunswick announced that it will be accelerating the implementation of the property tax rate reductions previously announced as part of its 2022 budget.

Initially to be phased in over a three-year period (starting on April 1, 2022), the provincial property tax rate reductions will now be fully implemented for the 2023 taxation year, resulting in total rate reductions from 2021 of 50% for non-owner-occupied residential properties and 15% for other residential and non-residential properties.

Further details on the property tax rate reductions can be found in the New Brunswick Department of Finance and Treasury Board News Release. 

If you have any questions about the potential impact of this upcoming change, please contact the Ryan TaxDirect^® line at taxdirect@ryan.com or 1.800.667.1600.