Stay updated with breaking news from Want to lower. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
A mixed-use development on Queen Street in Fredericton. Image: Huddle file photo. If the province wants to address affordable housing, it needs to look at double property taxation, says the president of the New Brunswick Apartment Owners Association (NBAOA). In New Brunswick, non-owner-occupied buildings are charged double the property tax. It’s the only province in Canada with such a tax. NBAOA president Willy Scholten, who is also the chief financial officer of Fredericton-based Colpitts Developments, says property taxes represent 40-45 percent of the operating costs of rental properties in the province and are the single largest expense and directly linked to how much rent is charged. ....