Tuesday, 25 September 2018

Double Taxes are Unfair -and- Land Transfer Tax is Unfair

You may have heard of double taxation. It means that property owners pay taxes to their city or town as well as the province. It applies to non-owner-occupied properties like apartment buildings and cottages, as well as to commercial properties and factories. 

New Brunswick is the only province that charges double tax, and we think it’s a big problem. It’s unfair to New Brunswick property owners and renters, and it discourages real estate investment and business development when we should be trying to grow our economy.

We’ve been asking for an end to double taxation since 2010, and this election we’re doubling down. We’re joining New Brunswick’s apartment owners in asking politicians to commit to ending double taxation. It’s better for New Brunswick, it’s better for New Brunswickers, and it just makes sense. Read more about how we’re bringing common sense to property taxes at nbrea.ca/election2018



As it currently exists, New Brunswick’s land transfer tax is unfair. That’s because right now, if you’re buying property with a value assessment higher than your purchase price, you’ll pay taxes on the higher number – the assessment.
The land transfer tax is calculated using 1% of your purchase price OR the assessed value – whichever is higher. That means the Province always collects the highest tax possible, even if a home did not sell for its assessed value. The assessed value doesn’t reflect the ups and downs of the housing market, so you’ll still be taxed as if there were no change.
The true value of a property is what the buyer is willing to pay, not what someone thinks it could be worth. We think New Brunswickers should be taxed on what is, not “what if” – and the assessment shouldn’t be used to calculate the land transfer tax at all. Read more of our common-sense fixes to property taxes at nbrea.ca/election2018



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