Connecting with our Partners across North America | |
|
Sharing insights and experiences with colleagues from other assessment jurisdictions provides great opportunities for learning, collaboration and developing best practices.
In July, Greg Martino, MPAC’s Vice President and Chief Valuation and Standards Officer, participated in a panel focusing on the Canadian property assessment landscape at the Wichita Property Tax Conference, which provided attendees with an overview of the energy, transportation, oil and gas and other sectors across various Canadian assessment jurisdictions.
During the International Association of Assessing Officers (IAAO) Annual Conference (August 25-28), Shelley Graham, Director of Valuation, Research and Advisory Services (Income), along with Lee May, Manager of Valuation, Research and Advisory Services (Income), shared their insights on the valuation of Mixed-use Properties in a Mass Appraisal Environment. While Brian Guerin, Director of Assessment Standards and Mass Appraisal, participated in two panel discussions: one on property tax and assessment standards and trends around the world, and the other on how mass appraisal professionals are adjusting to new technologies such as big data, artificial intelligence and machine learning.
| |
|
“I was honoured to participate in this leadership panel to discuss how MPAC’s mass appraisal professionals are adapting to new technologies to support changes in the workforce and shifts in standards for mass appraisal. Our use of new technology at MPAC is expanding our toolkit to validate and improve the quality of our analytics,” said Brian.
Over the next few months, MPAC representatives will continue to collaborate with industry colleagues by participating at the Canadian Property Tax Association (CPTA) National Workshop (October 6-9) and discussing assessment trends with international jurisdictions at the International Property Tax Institute (IPTI) Conference of Valuation Agencies (October 29-30). We are eager to connect with and learn from our counterparts to better support the industry while continuing to improve our assessment products and services in Ontario.
| |
From left to right: Jennifer McLean, Shelley Graham, Brian Guerin, Lee May | |
Sector update: Pit and quarry properties | |
|
In early July, Ontario’s Ministry of Finance amended regulation to introduce a new industrial subclass for eligible land used for aggregate extraction (e.g., gravel pits) and prescribed a reduced education tax rate for such eligible land for the 2024 tax year. The new subclass is intended to provide short-term relief as the government works towards implementing a principled and sustainable solution for the future through the creation of a new property class.
MPAC has identified eligible properties and issued Special Amended Notices for the 2024 tax year. To qualify for the new industrial subclass, properties must meet the following criteria:
- Land is:
- in the industrial property class.
- used for aggregate extraction.
-
licensed or required to be licensed under Part II of the Aggregate Resources Act (i.e., privately owned by an individual or corporation).
-
required to be licensed under Part II of the Aggregate Resources Act if the land were part of Ontario designated under section 5 of that Act (i.e., land vested in the Crown or owned by the Province of Ontario).
MPAC is closely monitoring the implementation of these new regulations and is committed to keeping our partners informed. For more information about the assessment of pits and quarries, visit mpac.ca/pitandquarry.
| |
2024 PIER campaign – Thank you for your support | |
|
We want to thank the property owners and their representatives who have submitted their information to the 2024 Property Income and Expense Return (PIER) campaign. We also extend thanks to our industry partners for supporting and promoting this year’s campaign.
The information provided to MPAC through this campaign is critical to our analysis of property markets and ensures our database remains current. This supports both our delivery of annual assessment rolls and the development of accurate assessments.
The deadline for this year’s campaign was July 15. If you haven’t yet submitted your information, please do so as soon as possible. The Assessment Act provides MPAC the authority to collect this information, as well as the requirement for compliance by property owners. Property owners who haven't submitted their information may receive a letter from MPAC in the fall.
For support in submitting your information and helpful resources, please visit mpac.ca/PIER.
| | |
PROfessional highlight: Oliver Linwood | |
Oliver Linwood, Senior Appraisal and Market Specialist in our Ottawa office, recently completed the M.I.M.A. exam and received the Larry K. Hummel Award for the 2023-24 year through the Institute of Municipal Assessors. This award recognizes high-achieving M.I.M.A. and A.I.M.A. candidates who have completed the Fast Track Designation Program with the highest overall marks. | | |
|
|
“Winning this award is such an incredible honour. The IMA Fast Track course has been essential to my professional development,” said Oliver. “The accreditation alone has opened many opportunities, and I believe this award is a reminder that with hard work anything is possible. It will encourage me to keep pursuing new professional development goals throughout my career at MPAC.”
Oliver works as part of the cost team in Valuation & Assessment Standards focusing on complex valuation and assessment matters for business land, development land, farm and contaminated properties. In his role, Oliver examines economic and homogenous neighborhoods, shifts in the market, land rates and sales, and monitors market trends.
| |
MPAC launches Property Pulse Dashboard for property owners | |
|
In July, MPAC launched the Property Pulse Dashboard, a new tool to assist property owners in making informed decisions about current and future residential home ownership.
The Dashboard, available to all property owners in Ontario through AboutMyProperty™, leverages MPAC’s extensive property inventory and Teranet Inc. data to provide aggregated, up-to-date residential sales data in an interactive platform covering every municipality in Ontario. Property owners can view recent residential sales information by municipality and property type, compare sales information for up to five municipalities, and filter information by sales year/month, year built and square footage.
| |
|
|
“This new tool, along with our release of the housing inventory data from earlier this year, has been designed with property owners in mind so they can learn more about the changes to the residential property market in communities across Ontario and therefore facilitate more informed decision-making,” said Greg Martino.
To learn more, read our news release.
| |
| Have you had a chance to log in to the Property Pulse Dashboard yet? | | | | |
If you know someone who would be interested in receiving Industry Insights, have them send an email to Industry@mpac.ca. | | | | |
