December 2018
MPAC Provides Update on Bill 66 Reference

2018-12-17 2:48:52 PM


Last week the Government announced Bill 66 including a commitment to confirm with the Municipal Property Assessment Corporation (MPAC) that industrial properties will be assessed based on current permitted uses and not speculative. 

In a follow up to AMCTO, MPAC confirms that it will continue to value industrial properties, including those on employment lands, based on permitted uses only, as determined by land use policy set by the province and municipalities. Permitted uses are those that are legally permitted by land use policy set by Ontario and its municipalities. 

In accordance with provincial legislation, MPAC assess properties in Ontario based on a property’s current value where industry standards and best practices are applied when completing each assessment. 

For more information, please see below:
Bill 66: Restoring Ontario’s Competitiveness Act, 2018
How MPAC Assesses Industrial Properties
How MPAC Assesses Large Industrial Properties 


 


 


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