Daily Archives: December 27, 2023

Today

property tax increases

Saint John property tax increases to hit residents.

City blames province for forcing it to share tax cuts needed by homeowners with business

    Saint John homeowners are facing average property tax increases of 9.9 per cent in 2024. Industrial properties by contrast are getting an average 2 per cent reduction.
    A Saint John City budget for 2024 that will require residential property owners to pay $8.5 million more in property taxes, while large industrial properties pay less, is being blamed on provincial tax rules that limit how much municipalities can charge businesses.

    Saint John plans to cut its tax rate enough to save taxpayers $3.8 million on increases caused by the rising assessments, and it wants to direct all of those savings to residential property owners who are the most affected, but provincial rules do not allow that.

City tax cuts have to be shared in proportion among all properties.Residential property owners, who were facing a tax increase of $10.9 million in 2024 because of their rapidly rising assessments, will receive $2.4 million of the tax rate cut and in 2024 will pay $8.5 million more than this year.