The Town of Riverview has approved their 2022 budget that includes a four-cent slash to the tax rate.
Similar to many other New Brunswick communities, Riverview saw a spike in property assessments to the tune of an 11.73% increase compared to 2021.
The cut lowers the tax rate from 1.5926 to 1.5526 per $100 of assessment. This reflects over $700,000 in reduced revenue projections for the Town, according to Riverview’s budget package.
Due to the rise in assessment growth, the provincial government has opted to cut an equalization grant to the Town of Riverview by $1.1 million. The 2022 grant will provide the Town with about $1.5 million.
Another significant change for 2022 is a substantial increase in the cost of policing. For its share of the Codiac Regional Policing Authority, Riverview will see an increase of over $600,000 for the RCMP budget.
