Thank you, Mr. Speaker. Mr. Speaker, today I would like to provide Members of the Legislative Assembly with an update concerning Municipal and Community Affairs’ completion of the general assessment of properties in the general taxation area of the Northwest Territories.

MACA is a property assessment authority in the general taxation area of the NWT. The general taxation area is made up of 18 communities across the NWT and all properties in the Hinterland which are located outside community boundaries.

The Property Assessment and Taxation Act requires MACA to undertake a general assessment of properties once every 10 years, with the most recent general assessment completed in October of 2008. The general assessment ensures fairness and equity by updating the values of all properties in the taxation area. As a result of the recent general assessment completed in October 2008, the general assessment assures fairness and equity by updating the values of all properties in the taxation area. As a result of the recent general assessment, most property values in the general taxation area have increased.

Notices of assessment have been mailed to property owners. The assessment rolls are available for public inspection at the community offices in each general taxation area community, MACA’s regional offices, or at the lands administration division of MACA in Yellowknife. Advertisements with information about the general assessment were also placed in territorial and regional newspapers during the week of January 26, 2009.

By viewing the assessment rolls, property owners can compare the assessed values of their properties with other properties in the community with similar characteristics. If property owners are

dissatisfied with their property assessment, they can submit an appeal to the Territorial Board of Revision.

Notices of assessment are not invoices that require payment. Rather, they list the assessed value of the land and the value of the improvements that are on the land for each property owner. When property values are multiplied by a mill rate, the result will be the property taxes that each property owner will pay. My colleague the Minister of Finance used the information contained on the assessment rolls for the general taxation area in the analysis to determine if an adjustment to the general property and education mill rates were required. Changes to the mill rates in the general taxation area were announced by the Minister of Finance in his 2009-2010 budget speech.

MACA and the Department of Finance have been working together on monitoring the property assessment and taxation cycle. MACA has started to look at options to reduce the time span between general assessments so that fluctuations in assessed values resulting from general assessments are minimized.