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 Dec. 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 will need to provide personal information for yourself and your spouse, if you have one, including your name, social insurance number, date of birth, address and Property Assessment Number (PAN), as well as your anticipated household income.
You can apply online or by mail. To apply online, click here. To apply by mail, please print out the application form, which you can download by clicking here. Mail your completed application form to:
Finance and Treasury Board
Revenue Administration Division
P. O. Box 3000
Fredericton, N.B.
E3B 5G5