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By Rob Newman, Director, Property Tax | February 4, 2021

On January 27, about 130,000 property owners in New Brunswick received either a new or an amended 2021 Real Property Assessment and Tax Notice. The deadline for appeal is February 26th, 2021.

Here’s what you need to know:

COVID-19 impacts on property value

2021 is the first assessment year any COVID-19 impacts on property values can be taken into consideration in NB. The reason is the 2021 assessments are based on a date of January 1, 2021, after COVID-19’s proliferation in Canada. Although many assessments decreased since last year, a review is often warranted to ensure the reduction is enough.

Held notices

Most assessments were released in October of last year with a (since passed) 30-day appeal period at that time.  This latest January release includes notices Service New Brunswick (SNB) opted to hold until now. These include properties that had outstanding appeals, building permits, sales transactions, new accounts and notably those SNB deemed requiring further review in light of COVID-19 considerations. These included; hotels, motels and resorts; shopping centres; restaurants; office buildings; and airports.

An element of surprise

You may have noticed the tax bill is no longer included with your assessment. The bill will only come out in March of 2021 so by the time you find out what you owe, the appeal window will have expired. Don’t miss your right to appeal.

Re-released home assessments

100,287 home assessments were also re-released following the initial release in October. Much of this has to do with residential properties that no longer benefit from a Permanent Assessment Gap (P-Gap), a short-lived 3% cap on assessment increases back in 2011/12. Information on the P-gap is found here.

How Altus Group can help

Altus represents some of the largest property owners in the country and we have saved millions of dollars in property tax to a varied client base.  We have proven experience with the assessment authority, robust information technology capabilities, and professionals focused on tax appeal work to provide you with sound advice. We offer flexible payment structures depending on your preference; flat fee, contingency, or combination thereof.  Our fees are virtually always a fraction of savings.

What should I do next?

Do you have questions about your assessed value? Call Rob (506.869.4906) or Mathieu (902.420.6636) or email us your assessment notice and we will advise you on what activity should be completed for 2021.

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