September, 2014 Dear Sir or Madam:
Transcription
September, 2014 Dear Sir or Madam:
September, 2014 Dear Sir or Madam: The Municipal Property Assessment Corporation’s (MPAC) role is to accurately value and classify all properties in Ontario in accordance with the Assessment Act and regulations established by the Ontario Government. I am writing you today to request information to assist us in establishing and maintaining current and accurate property values. By October 31, 2014, please send us: • An income and expense report on your property for your most recent fiscal year. • A report on the market rents you are currently charging. Unless noted otherwise, all information provided should reflect leases signed by new tenants within the current calendar year or the expected rent as if the units were vacant as of July 1, 2014. You can send your reports two ways: 1) File electronically i. Go to mpac.ca. ii. Select “Products & Services” from the top menu and select “Tenant Information Program.” iii. Scroll to the “Recognized Software Providers.” iv. Select one of the links to a recognized service provider listed, from whom you can purchase software for direct data transfer to MPAC. 2) Complete and return paper forms Enclosed are three forms: • Apartment Rental Data Request – for apartment suite breakdown • Commercial Rental Data Request – for commercial units on property • Property Income & Expense Questionnaire – specify the fiscal year These forms ask for information that is used when assessing apartment and commercial properties. If there are any rental reductions or abatements, identify each in a separate schedule. Indicate the annual amount that each tenant is actually paying. When you have completed and signed the forms, mail them to MPAC using the enclosed stamped, addressed envelope or fax them to us. Please note that responses will be considered non-compliant unless submitted to MPAC by one of these methods. As per s.40(18) of the Assessment Act, if your response is non-compliant, the burden of proof as to the correctness of the value of the property rests with you, not MPAC. Did you receive your forms by courier? If you received your forms by courier, you can send your reports to us using either of the methods above. If you complete them on paper, you have the option of returning them to us by courier. Contact us at the number below so that we can make arrangements to have them picked up. Need help with understanding the reporting terminology? Please refer to the list of terms and definitions included with this letter. Your deadline for sending us information on your property is October 31, 2014. Call us toll-free 1 866 296-MPAC (6722) Monday to Friday – 8 a.m. to 5 p.m. PO BOX 9808 Toronto ON M1S 5T9 1 877 889-MPAC (6722) TTY Toll-free fax 1 855 614 4336 If you have accessibility needs, please let our representatives know how we can best accommodate you. Thank you for your cooperation. If you have any questions about this request or submission process, please contact MPAC or visit mpac.ca. Yours truly, Larry Hummel Chief Assessor, Office of the Chief Assessor © Municipal Property Assessment Corporation 2014 Enclosure APT insert 2014_English.docx 1 of 2 Apartment Request Terms & Definitions Item Explanation Heat A Y or N will indicate whether or not heating costs are typically included in the monthly rent paid by the tenant. A Y or N will indicate whether or not hydro costs are typically included in the monthly rent paid by the tenant. Hydro Water Cable A Y or N will indicate whether or not water costs are typically included in the monthly rent paid by the tenant. A Y or N will indicate whether or not cable costs are typically included in the monthly rent paid by the tenant. Internet Ready A Y or N will indicate whether or not the building is Internet Ready. (For a building to be Internet Ready, the tenant needs only to obtain a modem from their service provider. If the apartment is not Internet Ready, the tenant is responsible for installing the wiring and more). Laundry A Y or N will indicate whether ensuite or common laundry facilities are present in the property. Storage Unit A Y or N will indicate whether internal or external storage units are present in the property. Access A Y or N will indicate if there is a Doorman/Concierge or controlled access on the property. On-Site A Y or N will indicate whether or not there is Security or Rental Staff (or Superintendent) present on the property. Pool /Sauna /Fitness Rm. A Y or N will indicate if there are any amenities present on the property (pool, sauna, and fitness room). Air Conditioning A Y or N will indicate if air conditioning is present in the building. Elevators A Y or N will indicate if a passenger elevator is present in the building. Residential Parking - Surface/Uncovered Number of outdoor parking spaces landlord has provided to this unit. Surface Parking - Rental Rate/Spot The total amount charged separately to the tenant for all outdoor parking spaces that is not included in the ‘Market Rent’. Residential Parking - Indoor/Covered Number of indoor parking spaces landlord has provided to this unit. Indoor spaces include any type of covered parking, e.g. carports. Indoor Parking - Rental Rate/Spot The total amount charged separately to the tenant for all indoor parking spaces that is not included in the ‘Market Rent’. Suite Type Furnished e.g. 1 = 1 bedroom unit, 2 = 2 bedroom unit, B = Bachelor unit, A Y or N will indicate that the unit is furnished by the landlord and the amount allocated to this benefit is included in the monthly rental amount paid by the tenant for this particular unit. Sq. Ft. Approximate size of unit expressed in square feet. For billboards and leased signage, note the size of each display area. Renovated Suites Cosmetic Renovations – surface upgrades. May include plumbing fixtures, kitchen appliances, flooring, and cabinetry. These changes do not generally require a building permit. Vacant Units The number of vacant units available as of June 1, 2014. Market Rent The market rent is the most probable amount that this suite type would command on the open market and what a new tenant would pay as if the unit were vacant and available for lease as of July 1, 2014. © Municipal Property Assessment Corporation 2014 APT insert 2014_English.docx 2 of 2