Important: Participation in this program is voluntary. The total unpaid tax deferral plus the associated interest is due and payable to the province when the property is sold or transferred. In the event of your death, deferred taxes plus interest on this property must be paid when the property is sold or in any way conveyed to a person other than your spouse. Please read the program details carefully before completing this application.

This program provides property tax relief to eligible seniors in New Brunswick, by allowing those interested in the program to apply for a deferral of the annual increase in property taxes on their principal residence.

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  PROGRAM REQUIREMENTS

“Senior”: is defined as being age 65 or older, during the tax year.
“Spouse”: includes common law partner.

1.  The property owner or his/her spouse must be age 65 or older.
2.  The property must be their principal residence.
3.  The property must be currently receiving the Provincial Residential Property Tax Credit.
4.  The property tax account must be paid in full (no tax arrears), as of December 31, prior to the year of application.

  PROGRAM FEATURES

“Base Year”: is defined as the most recent of the year prior to the year the person turns 65, the year they purchased the property or the year 2011.

1.  The amount of yearly deferral is the total annual tax increase over the Base Year.

    Example of eligible deferral amount:

    2023 total property taxes

$ 2100

    2022 total property taxes

$ 2000

    Increase

  $ 100

    Deferral for 2023

  $ 100

2.  Any amount deferred under this program is subject to an annual interest rate of 3.93% for 2024. For qualifying applicants with a taxable family income over $124,178, the annual interest rate is 8.93% for 2024. Important: The annual interest rates will be revised every year and set to the 10-year Provincial borrowing rate.

3.  The total cumulative amount of tax deferral available is restricted to a maximum of 75% of the current year’s assessed value of the property.

4.  Property owners can apply to make a total or partial payment (one or more years) on their deferred tax account, at anytime. Property owners registered in the program can also stop the deferral of future years while still being registered in the program.

  REPAYMENT

Deferred property tax and interest amounts constitute a lien against the property and become due and payable to the province when the property is sold or transferred. Upon the death of the applicant, 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.

Once a property is registered in the program, the annual increase in property taxes plus interest is automatically deferred. The Department of Finance 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 reflected on the annual property tax bill. When a property registered in the program is deregistered or the property ownership is transferred, all deferred taxes plus the associated interest become due and payable to the province.

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