Industrial / Sales comparison; cost for defined properties
Industrial property
The City states that industrial properties are typically assessed through sales comparison. It uses cost for unique or purpose-built properties or where market data is limited, and may use underlying land value where vacant-land value exceeds improved-property value.
City-identified variables: Assessable area · Finished area · Land use · Location · Outbuildings · Site coverage · Tenancy · Year of construction
Owner evidence: Assessable and finished areas · Land-use designation and exact location · Site coverage, outbuildings and tenancy · Construction year, physical condition and functional utility
Boundary: The City's industrial categories and variables are mass-appraisal records. They do not establish a current sale adjustment, replacement-cost conclusion or the value of business equipment.
Office / Income; sales or cost for defined subgroups
Office property
The City typically applies an income approach using typical market rent, vacancy, expenses and capitalization rates. It identifies sales comparison for office condominiums and house conversions, and cost for partially completed office properties and data centres.
City-identified variables: Location · Physical condition · Functionality · Construction year · Net rentable area · Floor plate · Storeys · Space mix · Parking · Land area
Owner evidence: Correct City office category and space-type mix · Net rentable area, floor plates and storeys · Executed leases, vacancy and operating statements · Parking, amenities, exposure, condition and construction quality
Boundary: Typical assessment income is not automatically contract rent, effective rent after inducements, collected income or buyer-underwritten NOI. Office categories must remain distinct.
Retail / Income; sales or cost for defined subgroups
Retail property
The City typically assesses retail through an income approach using typical rent, vacancy, operating costs and capitalization rates for fee-simple modelling. It identifies sales comparison for retail condominiums, cost for some unique purpose-built properties, and underlying land value where it exceeds the improved-property indication.
City-identified variables: Subproperty type · Trade-area location · Typical rent · Vacancy · Operating costs · Capitalization rate · Space types · Land value
Owner evidence: Retail subproperty type and district · Space types, areas, exposure, access and parking · Rent roll, executed leases and recoveries · Vacancy, operating costs, condition and land contribution
Boundary: The City models the fee-simple estate using typical parameters. That record must not be presented as a tenant's contract economics, brokerage asking rent or investment-market conclusion.
Multi-residential — four or more units on one title / Income approach — gross income multiplier
Multi-residential property
The City applies a gross income multiplier derived from market analysis to typical market rent and vacancy. It obtains rental evidence annually through the Assessment Request for Information process and separates this group from titled condominium property.
City-identified variables: Property type · Multi-residential zone · Core or non-core · Mixed use · Unit count · Quality · Suite type · Occupancy
Owner evidence: Legal title and City structure category · Unit count, suite type, quality and occupancy · Actual rent roll and vacancy record · Mixed commercial space and core/non-core location
Boundary: The City's GIM model is an assessment methodology, not a universal apartment transaction multiple. Actual income, typical rent, financing and capital requirements remain separate records.
Land / Sales comparison
Vacant non-residential land
The City assesses vacant non-residential land by comparison with sold properties. Its published record identifies location, parcel size, land use and property-specific influences as value factors.
City-identified variables: Location · Parcel size · Land use · Environmental influence · Servicing · Topography
Owner evidence: Legal parcel and verified site area · Current land-use designation · Servicing, access and topography · Environmental, physical and off-site influences
Boundary: A vacant-land assessment does not establish planning entitlement, development feasibility, residual land value, timing or a current buyer's price.
Accommodation / Income approach — property-specific three-year stabilization
Hotels and motels
The City requests hotel and motel income and expense data annually and stabilizes three years of performance using a 50/30/20 weighting. It normalizes typical expenses and removes the stated business interest before capitalizing net income to real estate.
City-identified variables: Location group · Accommodation subtype · Revenue sources · Normalized expenses · Three-year weighting · Business-interest adjustment · Capitalization
Owner evidence: Three years of complete revenue and expense records · Correct motel, limited-service or full-service grouping · Accommodation, office, retail, parking and pad-site space · Business, FF&E, management and real-estate allocations
Boundary: A hotel transaction can include real estate, operations, brand, management, FF&E and other rights. The assessment allocation does not determine a contemplated transaction allocation.
Specialized property / Cost approach with sales-derived land
Recreational and institutional property
The City typically uses a cost approach for recreational and institutional property because these assets can be unique, purpose-built or have limited comparable market data. Published methodology adds land to improvement cost and subtracts depreciation; land rates are developed through sales comparison.
City-identified variables: Land value · Construction-cost record · Depreciation · Property use · Purpose-built improvements · Physical and functional condition
Owner evidence: Exact use, ownership interest and exemption context · Building inventory, age, area and construction · Condition, depreciation and functional obsolescence · Land area, comparable land record and property restrictions
Boundary: Municipal cost modelling is not a current replacement-cost estimate, insurable value, appraisal or evidence that every improvement contributes its cost to market value.