ARTICLE · 25 SEPTEMBER 2014

MPAC Working Papers - Should They Be Used Or Not?

Minden Gross LLP

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In 1998, Ontario revamped its property tax assessment system and legislation eliminated the requirement to create separate tenant assessments on the assessment roll.

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This posting is an excerpt from "Recent Developments in Property Leasing" previously published in the 2014 Canadian Legal Lexpert Directory.

In 1998, Ontario revamped its property tax assessment system and legislation eliminated the requirement to create separate tenant assessments on the assessment roll. Although the Municipal Property Assessment Corporation (MPAC) no longer prepares separate tax bills or assessments for each tenant of a commercial building, multi-tenant properties are valued by assessors using the Capitalization of Income approach. An assessor prepares a valuation summary that lists the tenancies at the property and then each tenancy is ascribed a market rent (not actual rent) that is capitalized. These valuation records are often referred to as the "assessor's records" or "working papers".

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