TS Accountancy taxation that requires lessees, owners or occupiers of land and buildings to pay an amount of money based on the value of their land and buildings. Everyone who owns or occupies property, including individuals, businesses and industry pays property tax.
Property assessment is the process used to assign a value to all property. Consistent guidelines and techniques allow property assessors to ensure that similar kinds of property are assessed the same way and that assessed values for each property are fair and equitable.
A property assessor determines the value of each property by reviewing the land and the improvements on it. Assessors follow guidelines established by law in the Property assessment and Taxation Act and its Regulations. These guidelines ensure that all assessments in the NWT are fair and equitable.