Frequently Asked Questions
Why did MPAC introduce online submissions?
Through independent research and ongoing work with industry associations, we understand that property owners want a more efficient and streamlined data submission process. A 2014 survey indicated 75 per cent of commercial, industrial and multi-residential property owners would likely use a web-based tool for data submission.
Property owners play a key role in helping us deliver accurate values by providing complete and accurate data. Edit checks and field validations are built into the portal to reduce discrepancies and errors. This will improve the accuracy of our property assessments.
What are the benefits of the new online submission process?
The online submission process makes it faster and easier for property owners to submit information, while ensuring we capture the key data required to deliver accurate and consistent property assessments.
Complete and accurate information also enables us to provide more comprehensive disclosure for property owners. This supports our commitment to transparency and sharing information with property owners to enable them to better understand their property assessment.
Other benefits include:
- A more efficient and accurate method than the old paper-based process.
- Access to pre-populated forms that will save property owners time and money.
- A more timely, focused review of the rental, income and expense information submitted.
- A secure online data exchange environment.
Are all commercial, industrial, multi-residential and hospitality properties required to submit income and expense information?
Several additional factors are considered when determining which income producing properties are subject to the PIER program, including how the property is typically viewed in the marketplace by investors and the availability of market data.
Why do I have to report the rent I am currently charging for third party signs (billboards) located on my property?
We are required to exclude any income attributable to third party signs (billboards) located on your property from your assessment. Reporting this information separately ensures that rental income from third party signs (billboards) isn’t included in your total income.
Third party signs (billboards) are assessed using the cost approach to determine the contribution made by a billboard to the current value of the property on which it is located. No value is added for any income attributable to the third party sign (billboard) or its placement on the property.
Will I still be able to submit paper forms?
With the transition to our new online system, we will no longer mail forms with the request letter to owners of commercial, industrial, multi-residential and hospitality properties. If you need assistance submitting your information, please contact us.