Advertisement

New Brunswick increases community funding in light of property tax assessment freeze

Click to play video 'NB government increases community funding in light of property tax assessment freeze' NB government increases community funding in light of property tax assessment freeze
WATCH: Municipalities and rural communities will see more funding and grants in 2018 to help offset lost revenue from property tax assessments due to the province freezing them for the coming year. Jeremy Keefe explains – Nov 24, 2017

The New Brunswick government has announced it’s increasing community funding and equalization grants in 2018 in an effort to help offset revenue lost by freezing property assessments.

READ MORE: Auditor general finds miscommunication at heart of New Brunswick property tax fiasco

$74.9 million in community funding and equalization grants will be doled out to municipalities, rural communities and local service districts, an increase of $265,000 from the previous year.

Environment and Local Government Minister Serge Rousselle says the added funds are aimed at keeping areas from having to make difficult decisions leading to the loss of services.

“We believe that a freeze to assessments until the property assessment system has been improved is the only responsible choice,” said Rousselle, explaining the decision to halt the process.

Story continues below advertisement

“The equalization part is to make sure we maintain a certain level of services all across the province.”

WATCH: Province throws $100 million into new tourism strategy

Click to play video 'Province throws $100 million into new tourism strategy' Province throws $100 million into new tourism strategy
Province throws $100 million into new tourism strategy – Nov 22, 2017

The funding breakdown will see municipalities and rural communities get a core funding component of approximately $12.9 million and an equalization component of $53.2 million while newly incorporated and restructured communities receive $1.8 million.

The full breakdown of funding and grants can be found on the New Brunswick Government website.