New Brunswick wants to lower provincial property tax rates for nursing homes and special care homes.

Proposed changes introduced Tuesday would see the tax rate for these properties cut by nearly half.

Currently, they are considered “other residential” property and pay a provincial tax rate of $1.0345 per $100 of assessment.

The proposed amendments would see these properties considered “non-owner-occupied residential” and pay a tax rate of $0.5617 per $100 of assessment.

“This will provide cost relief to a sector that provides housing for residents, including some of our most vulnerable populations,” Finance Minister Ernie Steeves said in a news release.

If passed, more than 700 properties would see a combined $6 million in property tax relief annually, starting in the 2024 taxation year.