MPAC Basics
This plan, also known as our North Star, defines where we’re going and how we’ll get there
MPAC's Strategic Plan (2025-2028)
This notice is issued under Section 32 of the Assessment Act
Post Roll Amended Notice (PRAN)
Typically known as an electronic device that boosts a guitar’s sound, but to MPAC, this refers to a website that promotes transparency.
AMP - About My Property
Appraisers use this test to determine whether a proposed use of a property is legally permitted, physically possible, financially feasible, and maximally productive.
What is Highest and Best Use?
According to MPAC’s SLA with municipalities, at least 90% of these must be completed and returned within 90 days of receipt.
Tax Applications
What initiative did MPAC roll out giving staff an opportunity to drive positive change and get recognized for innovative thinking
The Pitch
This notice is issued when changes under the Assessment Act, its regulations, or the Education Act impact your property assessment.
Special Amended Notice (SAN)
These codes were developed to identify the responsibility for business activities on all properties based on current property code and property location
PAC - Property Administration Code
This income-based method estimates value by converting a single year’s stabilized net operating income into a value using an overall rate.
What is Direct Capitalization?
According to MPAC’s SLA, supplementary and omitted assessment changes must have 85% of their total value processed within this time frame.
one year
Commencing in 2017, this bill gives property owners 120 days from the issuance of their assessment notice to file a RfR in an assessment update year
Bill 144 - Budget Measures Act
This notice reports revised phase-in values resulting from a decision that changes the starting point or destination value and is used when no other method exists to report the revised values.
Advisory Notice of Adjustment (ANA)
This program is a formal structured framework that enables MPAC to carry out multiple data collection campaigns throughout the year.
AIRP - Assessment Information Request Program
This type of value is defined as “the most probable price, as of a specified date, for which a property should sell in a competitive market under all conditions requisite to a fair sale.”
What is market value?
According to MPAC’s SLA, this percentage of Severance/Consolidation Information Forms (SCIFs) must be delivered within 150 days of registration.
90%
Designed to soften what was expected to be a sharp jump in market values from 2005 to 2008, this type of increase is phased in over a four-year cycle for property owners.
Eligible Increase
This form, whose full name must be provided, is used to supply details about the severance or consolidation of a property.
Severance Consolidation Information Form (SCIF)
This measure evaluates how closely MPAC’s estimates track actual sale prices, often expressed as a median of ratios.
Assessment to Sale Ratio (ASR)
This economic principle is reflected when scarcity and utility interact to affect the value of a property.
What is supply and demand?
According to MPAC’s SLA, 100% of Vacant Unit Rebate Applications must be completed and returned within this time frame.
60 days
The number of people on MPAC's board of directors
13
The day the assessment roll is delivered to local municipalities, also referred to as the state and condition date
Second Tuesday following December 1
Record your vacation days, working time, and your what counts
IRIS - Integrated Resource Information System
This principle states that adding more units of production or improvements increases net income only up to a point, after which further expenditures yield less value than their cost.
What is the principle of diminishing returns?
MPAC measures valuation accuracy and uniformity for residential, farm, multi-residential, industrial, and commercial properties against the mass appraisal standards of this organization.
International Association of Assessing Officers (IAAO)