Before expressing my opinions, I will first list the the pertinent New Brunswick legislation affecting real property (real estate), the corresponding provincial government department and the Minister responsible.
(None of these Acts have been amended recently)
You may find more here:
An Introduction to Real Property Taxation - Province of New Brunswick
A Joint Municipal and Provincial Real Property Assessment and Tax Notice is mailed yearly to every owner of New Brunswick real property at their addresses around the world. The mailing also includes a form to give Notice of Reference of Assessment (first level of appeal).
Assessment / Reference and Assessment Appeal are handled by different government departments.
Assessments in New Brunswick are to reflect "the real and true value of the real property".
All provincial real property taxes and rates are based upon these assessments.
Taxing (mil) rates vary widely across the Province.
In my opinion:
Assessments and real property taxes, although related, are two distinct and separate functions of governments in New Brunswick.
Market value is the preferred system of assessment.
Assessments must consider recent real estate market sales data in order to properly reflect real and true value.
Establishing market value is not an exact science, it is an estimate.
Accuracy depends greatly on the availability of recent sales of comparable properties requiring the fewest adjustments to the subject property.
The Reference of Assessment protocol is simple and permits an inexpensive, timely opportunity to correct inevitable errors in assessment.
The Assessment Appeal protocol should only be undertaken with the advice of a professional in evaluating real property.
Caps on some assessments shifts some of the tax burden to those who do not do not qualify for the cap.
Tax deferral or direct tax relief targeted for low income homeowners would work better to counteract the effect of higher market values.
A stagnant or declining assessment base is a sign of problems.