New Brunswick property tax for multifamily

[Vlad Grigorayeb]

Hi Folks :)

I am entering the NB multifamily market from Ontario. When running my numbers on potential deals I've been stumbling to estimate the property tax into the near future. Based on my limited knowledge, property tax in NB is calculated using assessed value as well as sale price (in Ontario it is predominantly based on assessed value) any insights would be truely appreciated :) Then there is the double tax for non owner occupied properties. Is it as simple as doubling the tax amount when it is an investment property or is it an additional tax that is calculated differently?

Thank you in advance for any feedback :)  

[Jordan Perry]

I saw this in a forum from @Roy N where he does a great job dispelling this myth about double property tax for out of province investors:

Property taxes for out of province owners are no different than for those of us in the province - and, while higher than most {perhaps all} other parts of the country, it's not double. In NB an owner occupant of a residential property receives a rebate of the provincial portion of the property tax (Presently: 1.1233/1000). Non-owner occupied residential properties (regardless of where the owner lives) do not qualify for this rebate.

In Saint John, the municipal portion of the property tax is 1.7850/1000: So a rental property owner would pay a combined rate of 2.9083/1000 which is 63% more (1.63 times) than an owner occupant pays. While still high, it is 37% less than double ;-)

Hope that helps! Gotta give a shout out to Roy N who does some great work sharing his knowledge on these forums.