Property Tax Sales
Finance and Treasury Board
Overview
All real property in New Brunswick is assessed annually for taxation purposes on the basis of its real and true value. Where accounts are in arrears in excess of one year, and no acceptable payment arrangements have been made, the property can be sold by the Province to recover the taxes owing.
Eligibility
Property is assessed in the name of the owner of the land as of January 1st of each year. A Notice of Liability to Tax Sale is issued each year on all accounts with arrears in excess of one year.
A Notice of Tax Sale may be issued at any time after two months following the Notice of Liability to Tax Sale if the account remains outstanding.
Any time after the expiration of one month following the issuance of the Notice of Tax Sale, if the taxes and/or penalties remain due and unpaid, the assessed owner must be served with a notice stating that the real property will be sold in accordance with the Real Property Tax Act and the Regulations, if the property is to be prepared for tax sale.
Description
All properties prepared for tax sale must be advertised prior to the sale. The advertisement must appear at least once in each of two consecutive weeks in a newspaper having general circulation in the area where the property is located and in a regular issue of the Royal Gazette. See Related Links.
Properties are sold by public auction conducted by the sheriff at the date, time and place as advertised. Subsequent to the advertisement of the tax sale, but prior to the actual tax sale, tax sale proceedings can be halted by payment of all taxes, penalties and costs or a short-term payment plan is mutually agreed. Any properties, not "paid-out" prior to the sale or where acceptable payment arrangements have not been made, will be sold. If there is not a successful bid on a property from the general public, a representative from Finance/SNB may bid on behalf of the Province.
All properties sold at tax sale are subject to a 30-day redemption period effective from the date of the sale. Anyone can make application within this period to redeem (repurchase) a property sold at the tax sale. Under redemption, the purchaser, whether it is the Province or an individual, is entitled to receive reimbursement of the selling price, plus 15% of that amount, in addition to any costs incurred that are refundable under the Real Property Tax Act if a property is redeemed. If the monies are paid within the allotted time, the property reverts to the assessed owner at the time of sale and the purchaser is refunded as outlined above.
If no application to redeem is made, or if an application is made but not finalized, then a Tax Deed will be prepared and executed by this department to transfer ownership of the property purchased at the tax sale to the purchaser in fee simple absolute.
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