The New Brunswick legislature in Fredericton. Image: Brad Perry

On Tuesday, the provincial government introduced legislation that would accelerate the implementation of the provincial property tax rate reductions that were brought up in March.

The new legislation would be fully achieved during the 2023 taxation year, one year earlier than originally planned.

As a result, the following provincial property tax rates would apply for the 2023 taxation year:

• Non-owner-occupied residential properties – $0.5617/$100 of assessment, for a total provincial rate reduction of 50 per cent since 2021
• Other residential properties – $1.0345/$100 of assessment, for a total provincial rate reduction of 15 per cent since 2021
• Non-residential properties – $1.8560/$100 of assessment, for a total provincial rate reduction of 15 pour cent since 2021.

“Our government has been committed to reducing taxes as the fiscal situation allows,” reads a statement from Finance and Treasury Board Minister Ernie Steeves.

“This acceleration will help address the rising cost of living for New Brunswickers by offsetting assessment increases and addressing the tax burden,” added Steeves.

It is estimated that 44,000 residential rental properties and more than 24,000 non-residential properties will benefit from these changes.

The acceleration of property tax rate reductions will have an estimated additional revenue impact of $28 million in 2023-24, based on estimates in the 2022-23 budget.