Commercial Property Assessments

• Is used for retail, food service, office or other general commercial uses
• Is a multi-purpose building that typically includes finished walls, flooring, lighting and other finishes
• Doesn't have many special purpose features, such as unique layout or materials, that would limit its use or functionality
• Can usually be converted to another use without extensive alterations

How your commercial property is assessed

Assessors value commercial properties using one of the three following valuation approaches:

• Direct Comparison Approach
• Income Approach
• Cost Approach

The direct comparison approach is typically used to value commercial properties in areas where there are an adequate number of sales. When a suitable number of property sales does not exist, assessors use either the income or cost approach. 

To learn more review the methodology guides.

Filing your Property Income and Expense Return

By filing your Property Income and Expense Return, you help MPAC ensure that your property values are based on up-to-date and accurate information.

Learn more about filing your Property Income and Expense Return.