Property Income and Expense Return (PIER) program
MPAC’s Property Income and Expense Return program is underway. Submissions are due July 14. The Municipal Property Assessment Corporation (MPAC) is responsible for maintaining a current database of over five million properties across Ontario. Through their annual Property Income and Expense Return (PIER) program, they collect financial statements and operating expenses from various income generating properties – such as hotel and motel properties – to ensure property information is up-to-date and to support accurate property assessments.
Eligible property owners will receive a request letter from MPAC asking that information be submitted through their online portal, AboutMyProperty™, which is available through mpac.ca The information being requested includes:
A summary of hotel statistics as of your most recently completed fiscal year including number of rooms, average daily rate, occupancy, and revenue per available room.
An income and expense report.
A reserve and capital costs summary.
A current rent roll for any commercial tenants indicating all demised areas.
MPAC is requesting that information be submitted through the portal by July 14, 2023. If you have any questions about the PIER program, you can contact MPAC or visit mpac.ca/PIER.