FACTOR METHODOLOGY
This is the total number of factor methodologies in use.
What is 3?
This type of assessment is governed by Section 34 of the Assessment Act.
What is Supplementary Assessment?
This process involves dividing a single property into two or more separate properties.
What is severance?
Loss in value from factors such as poor layout, outdated design, or lack of modern amenities is known as this type of depreciation.
What is functional obsolescence?
According to MPAC’s SLA with municipalities, at least 90% of these must be completed and returned within 90 days of receipt.
What are property tax applications?
This factor is applied when a RU RT property owner renovates a property to accommodate a senior disabled person, and an exemption is granted on part of the house.
What is the Municipal Discount Factor (MDF)?
A new structure completed in a taxation year but not used for any purpose during that year becomes liable for this assessment effective January 1 of the next taxation year.
What is Omitted Assessment?
Under Section 32 of the Assessment Act, this notice allows the correction of errors in assessment or classification caused by incorrect factual information, not a change in opinion of current value.
What is Post Roll Amended Notice (PRAN)?
This type of lease allows the landlord to pass property taxes, insurance, and maintenance costs to the tenant, affecting the property’s net income.
What is a triple-net (NNN) lease?
According to MPAC’s SLA, supplementary and omitted assessment changes must have 85% of their total value processed within this time frame.
What is one year?
What is the length of the current phase-in cycle for property assessments in Ontario?
What is four years?
This notice is issued for the construction, alteration, enlargement, or improvement of any building or structure.
What is Property Assessment Change Notice (PACN)?
This notice is issued when changes under the Assessment Act, its regulations, or the Education Act impact your property assessment.
What is a Special Amended Notice (SAN)?
In the breakdown method of estimating depreciation, appraisers must analyze all three major types—name them.
What is physical deterioration, functional obsolescence, or external obsolescence?
According to MPAC’s SLA, this percentage of Severance/Consolidation Information Forms (SCIFs) must be delivered within 150 days of registration.
What is 90%?
This factor is applied when a property owner renovates and adds an addition to their existing home.
What is the Property Specific Adjustment Factor (PSDF)?
An assessment omitted from the roll falls under which section of the Assessment Act?
What is Section 33?
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.
What is Advisory Notice of Adjustment (ANA)?
This measure represents the return an investor requires, reflecting opportunity cost, risk, and inflation, and is used in DCF discounting.
What is the discount rate (or required rate of return)?
According to MPAC’s SLA, 100% of Vacant Unit Rebate Applications must be completed and returned within this time frame.
What is 60 days?
This factor is applied when a property's CVA is revised due to a missing 'abuts hydro corridor' variable.
What is the Reset?
Once an______, always an _______.
What is an OMIT?
This form, whose full name must be provided, is used to supply details about the severance or consolidation of a property.
What is Severance Consolidation Information Form (SCIF)?
This type of rate is derived from comparable sales by dividing a property's NOI by its sale price.
What is an extracted (market-derived) capitalization rate?
MPAC measures valuation accuracy and uniformity for residential, farm, multi-residential, industrial, and commercial properties against the internationally recognized mass appraisal standards of this organization.
What is the International Association of Assessing Officers (IAAO)?