Finance Minister Greg Byrne says the government will introduce measures to limit property tax increases before the end of the legislative session. (CBC)

New Brunswick's finance minister says seniors shouldn't expect a deferral on their property taxes anytime soon.

But the government will introduce measures to limit property tax increases for everyone before the end of the legislative session, said Greg Byrne.

Earlier this week, Fredericton Mayor Brad Woodside had proposed allowing seniors to wait until they sell their homes before paying their property taxes.

Byrne said that while the idea looks good on the surface, it could pose more difficulties for seniors in the long run.

"Not every senior would get the benefit because there are many seniors for example who live in apartments and they're not going to see the benefits," he said. "And if taxes on apartments continue to rise, then those costs are going to be passed on to seniors."

In addition, if seniors' taxes are deferred, they will continue to accumulate, said Byrne. "They may accumulate to such a rate that if they go to sell it, there's no equity left in that property. As a matter of fact, there might even be a tax liability."

No details on plan

Byrne said he couldn't divulge any specifics on the government's plan until it's released in the legislature.

"I believe that we need to ensure that [when] a person gets their tax bill each year, they're not going to say, 'Oh my land.' And they don't care whether it's the assessment, or the tax rate that has put that up - they care about the bottom line."

Byrne has, however, ruled out a cap on property taxes.

Service New Brunswick assesses property across the province and then sends out tax bills based on the tax rates fixed in the homeowners' local community.

Last week, Byrne said he thought many property tax bills were too high because some municipalities did not follow a transparency formula pushed by the provincial government.

Under the Property Tax Accountability Mechanism introduced last year, if assessed home values went up beyond the inflation rate plus the value of new construction done on the property, a new formula would kick in.

That would force the local tax rate to automatically go down and local councils that want to collect more property tax would have to raise it back up through a vote.