by Ralph Plath
Northern News Services

FORT SIMPSON (May 02/97) - The territorial government is revamping how property tax assessments will be done.

"The government is rewriting the whole thing," said Fort Simpson senior administrative officer John Crisp at a village council meeting. "There is discussion on how to assess property and market value."

Just how the new system will operate is up in the air but the government could go with either a privatized assessment, which is being done in Alberta, or a government-controlled public assessment board, which the province of B.C. uses.

Currently, municipal assessments in the NWT are made based on two-thirds of the invoice price of building a house.

Whichever way the government goes, it is asking municipalities to split the cost of assessments, something the government funded in the past.

Fort Simpson property owners can expect a complete assessment using the existing system this July. Complete assessments are done every seven years.

The new assessment system isn't expected to be in place until late this year, but some councillors are already worried about the effects it may bring.

"I'm wondering if my taxes will be going up," Councillor Owen Rowe said.

Municipal taxes are based on a combination of the mil rate and property assessments. Currently the village is worth about $20 million.

But those homeowners who receive a higher assessment pay for those who are assessed at a lower rate.

Crisp said the government will probably go with assessments based on the market value but that it could be difficult to achieve since few properties have been bought and sold in Fort Simpson over the last several years.