Property Assessment Services - Property Tax Allowance
Property Tax Allowance
1. Property Tax Allowance -a payment to the assessed owner on application in the amount of the tax levy for the year of application to a maximum of $300 on the portion of the assessed value that is receiving the residential property tax credit if
a) the property is receiving the residential tax credit on January 1 of the year of application, and
b) the combined total taxable income of the applicant and their spouse or the person with whom they cohabit as husband/wife did not exceed $30,000 in the year prior to the year of application.
The amount of the allowance is the amount of the tax levy for the year of application to a maximum of $300 on the credit portion of the assessed value. Applications are available at all Service New Brunswick Offices throughout the Province by March 1 each year. Applications filed before December 31 may be approved for the current year and up to 3 prior years. The amount of the allowance may be deducted at the time of payment. If the allowance for the current year creates a credit of $300 or less in the tax account, a cheque will be forwarded automatically by the Department of Finance. However, if a credit balance occurs as a result of approval of the allowance for more than the current year (more than $300), the property owner must forward a request for refund to the Department of Finance. Otherwise the credit will remain in the tax account to be applied against the next year's tax levy.