Provincial Property Tax Exemption for Non-Profit and Co-operative Housing Projects
Finance and Treasury Board
Overview
Since Jan. 1, 2005, qualifying non-profit organizations in New Brunswick do not pay the provincial component of property taxes for their affordable rental housing facilities.
Eligibility
Eligible entities would be non-profit corporations or non-profit co-operatives providing affordable rental housing accommodation (including rent to own housing accommodation) to low income individuals and families and meet criteria established under Section 4.1 of the Assessment Act and NB Regulation 2005-18 under the Act.
Description
Interested organizations wishing to benefit from this property tax exemption need to complete an initial application through Housing NB. A renewal application must be submitted every year thereafter to ensure criteria is met.
If the organization is under an operating agreement with NBHC, an initial application must be submitted, but no further applications will be required until after expiry of the operating agreement.
Contact: Housing NB – Non-Profit and Cooperative Housing - [email protected]