Around 430,000 property owners could see their assessment values stay the same next year.

The New Brunswick government tabled legislation Tuesday for a one-year assessment freeze.

It comes as the Holt government continues its work to overhaul the property tax system.

Local Government Minister Aaron Kennedy called this a first step on the way to property tax reform.

“Reform of the property tax system is not a short-term project by any means, but it’s necessary to ensure predictability and fairness for property owners in the province,” Kennedy said in a news release.

The one-year assessment freeze would not apply in certain circumstances, including:

• New construction, with or without a building permit being issued.
• Major improvements, with or without a building permit being issued.
• Errors in any part of the assessment of the property.
• Sales or transfers of properties, except those prescribed by regulation.
• A change in the actual use of the real property or its classification.
• Real property in whole or in part omitted from an assessment of real property for the 2026 taxation year.
• A decrease in the assessment on real property.

“Property owners are facing challenges due to the rising cost of living and assessments over the past number of years,” said Finance Minister René Legacy.

“These proposed amendments, once passed, will be the beginning of property tax reforms for New Brunswickers.”

The province also plans to expand eligiblity so more property owners can take advantage of the equalized payment plan.

Currently, eligible owner-occupied residential property owners can pay their annual property tax in 12 equal monthly instalments, without penalty.

The proposed changes would expand eligibility for the 2026 tax year to additional property types, including non-owner-occupied and other residential and non-residential properties.