Multi-Residential Property Assessments
Multi-residential properties may have different designs, however their defining feature is that they contain seven or more self-contained residential units. MPAC categorizes multi-residential buildings into four building types:
- Bachelorettes (converted single-family dwelling with seven or more self-contained units).
- Row housing with seven or more self-contained units under single ownership.
- Low-rise multi-residential buildings (less than five storeys, typically without an elevator).
- Medium/high-rise multi-residential buildings (typically five or more storeys).
To be considered a self-contained unit, each unit must include a kitchen, a bathroom and a separate entrance.
How your multi-residential property is assessed
We use the income approach to value multi-residential properties. This approach reviews the potential rental income and other potential income that could be generated by the property (e.g., parking, laundry). We complete market analyses to determine an allowance for vacancy and collection loss (bad debt), normalized operating expenses, and capitalization rates.
To learn more, review the methodology guide.
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.
