How is property assessed?
 

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.

The total assessed value of your property is based on the value of your land and of the improvements on your land. Land value in the GTA is based on land development costs. Land development costs include such things as the cost of building new roads and providing services such as water, sewer and electricity to this lot. GNWT regulations provide guidelines for determining land developments costs in each region of the NWT.
Improvements are assessed a value that is equal to two thirds of the depreciated replacement cost of a new improvement. Property assessors consider a number of factors when assessing including age, size, type of structure, quality of materials, design, and general condition and others.