Irving Pulp and Paper Mills Receive New Property Tax Assessments from Service New Brunswick
Like most property owners across the Province we are in receipt of our 2021 assessments for Irving Pulp & Paper (Saint John), Irving Paper (Saint John), Irving Tissue (Saint John) and Lake Utopia Paper (near St. George). As expected, there were changes at some of our pulp and paper mills reflecting Service New Brunswick’s independent review of the market values. Overall, our assessments went up 15% on average. We cooperated fully with the work of Service New Brunswick (SNB). While we have not yet had time to review our new assessments in detail, we note that the market for pulp and paper mills continues to be a buyers’ market. Paper use in particular is declining as a result of increased digital technology; this is reflected in the number of mills that have idled or closed across North America. Since 2013 demand for our paper products across North America has decreased by 50% and a significant number of mills have been closed.