This program provides property tax relief to eligible seniors in New Brunswick by deferring the annual increase in property taxes on your home. The yearly deferral is the total annual tax increase over the Base Year. “Base Year” is defined as the most recent year before you turn 65, the year you bought the property or the year 2011.
For instance, if your 2019 property taxes were $2,000, and your 2020 property taxes were $2,100, the increase of $100 would be the deferral amount for 2020.
The deferred amount is subject to annual interest rates. Once a property is registered in the program, the annual increase in property taxes plus interest is automatically deferred.
The Department of Finance and Treasury Board will keep an account of the total deferred taxes and interest owing each year. The total taxes deferred under the program plus interest will be shown on your annual property tax bill.
You can make a total or partial payment on your deferred tax account at any time.
Repayment
Deferred property tax and interest amounts constitute a lien against the property.
When a property registered in the program is sold or transferred, all deferred taxes plus interest become due. Upon the applicant’s death, the deferral program can continue if the applicant is survived by a spouse who continues to own and live in the home as their principal residence. The surviving spouse does not need to be 65 years of age. The deferred taxes plus interest must be paid when the property is sold or conveyed to someone other than the spouse.
You must apply by December 31 of the taxation year in which you want to start deferring the annual increases in your property tax. For more information, please call 1-800-669-7070.
You can apply for the Property Tax Deferral Program for Seniors in 3 ways:
- Apply online: Complete the Application for Property Tax Deferral Program for Seniors online form.
- Apply by mail: Print and complete the Application for Property Tax Deferral Program for Seniors form. Mail your completed form to: Finance and Treasury Board, Revenue Administration Division, P.O. Box 3000, Fredericton, N.B., E3B 5G5.
- Apply in person: Visit any Service New Brunswick office to complete the form. Customer Service Representatives can process your application during your visit.