Business Property Tax Penalty Relief Program
The Province is offering a Business Property Tax Penalty Relief Program for business property owners that have been financially affected as a result of the COVID-19 pandemic. Penalty relief on the current year levy will be available for eligible businesses for the months of June and July 2020. Eligible businesses will receive a credit on their property tax account. The deadline to apply for the program is July 31, 2020.
To qualify for the Business Property Tax Penalty Relief Program, a business must have operations in New Brunswick, be registered with Service New Brunswick and; experienced an undue economic hardship directly related to the COVID-19 pandemic and are unable to pay their property taxes by May 31, 2020.
Examples of economic hardship:
• Excessive business revenue loss / cashflow reduction.
• Temporary business closure.
Important: Payment of your property tax is required by May 31st, 2020, all businesses who have the ability to pay should do so by this date. Penalties accrued on prior year arrears are not eligible for relief under the program.
The Business Property Tax Penalty Relief Program is not available for the following classes of properties:
• Properties receiving the full residential tax credit.
• Properties for which the owner has made the property tax payments to the financial institution holding their mortgage.
• Properties owned by Government (at all levels) and by Crown Corporations.
• Properties classified as vacant land, wood lots, parking, landfill and utilities.
The penalty on overdue accounts is applied on the first of each month at the rate of 0.7591% and calculated on the outstanding balance.
- Annual 2020 levy (Balance Due) $10,000 x 0.7591% = $75.91 for the first month.
- Annual 2020 levy (Balance Due) $55,000 x 0.7591% = $417.51 for the first month.
To apply for the Business Property Tax Penalty Relief Program, please apply online. If you are unable to access the online application, please print the application found under Forms. Once the application is completed, please mail it to Finance and Treasury Board, Revenue Administration Division, PO Box 3000, Fredericton, N.B., E3B 5G5. The deadline to apply for the program is July 31, 2020, all applications must be received or postmarked by this date. The department will conduct a review of all applications submitted and notify applicants of their eligibility for participation within the program. .
Should you require further information on this program, please contact Finance and Treasury Board, Revenue Administration Division at 1-800-669-7070