Assessment Details by Property Type
Commercial properties are designed for general commercial occupancy and used for business activities. They include government and corporate offices, retail properties (for example, shopping centres, stores and restaurants) and accommodation properties (hotels and motels).
Assessment methodology guides for commercial properties are available in Assessment Reference Materials.
The industrial group typically includes properties that are used for manufacturing, warehousing, distribution, contractors’ shops and other industrial purposes.
Assessment methodology guides for industrial properties are available in Assessment Reference Materials.
Non-residential land properties are those that have been zoned for a variety of different uses: for example, industrial, commercial, multi-family and future development.
Assessment methodology guides for land are available in Assessment Reference Materials.
Properties within the multi-residential group include properties of four or more dwelling units, on one legal title. A common form of a multi-residential property is an apartment building.
Properties within this class also include fourplexes, low-rise and highrise apartment buildings and some townhouses.
Assessment methodology guides for multi-residential properties are available in Assessment Reference Materials.
A special purpose property is a unique property that was built to suit a specific purpose and, therefore, presents limited opportunities to be used in a way that was not originally intended.
Most of the time, a special purpose property needs significant investment to be converted to an alternative use, making most conversions financially unfeasible.
Properties in the special purpose group are, for example, churches, schools, manufacturing plants, prisons, museums, legislative buildings, recreational facilities and railways.
Cost Approach
The cost approach produces the most accurate assessment for properties that are not actively traded in the marketplace due to their features or use, or where there is insufficient income and expense data available to effectively apply an income approach, or where the property is under construction.
Assessment methodology guides for special purpose properties are available in Assessment Reference Materials.