Industrial Property Assessments
General-purpose industrial properties in Ontario have the following characteristics:
- May include warehousing, light manufacturing or other general industrial uses.
- Multi-purpose buildings that typically include office space.
- Special-purpose features are limited.
- Can usually be converted to another use without extensive alterations.
How is your industrial property assessed
We use the cost approach to assess the value of most general-purpose industrial properties. We do this by:
- Estimating the replacement cost of your buildings and structures.
- Adjusting that cost for any depreciation in the actual property being valued (which includes physical deterioration and obsolescence).
- Adding the value of your land.
Assessment Information Requests
Each year, MPAC collects financial and operating expense information from income generating properties as part of our Property Income and Expense Return, the largest data collection campaign under our Assessment Information Request Program. This annual initiative is crucial to our efforts to maintain accurate property records, deliver quality assessments, and inform changes to Ontario’s property landscape.
For general information about Assessment information requests, visit mpac.ca/AIR. For more information, including submission resources, deadlines and compliance requirements, visit mpac.ca/PIER.
