Valuing Diamonds in the Rough: Utilizing Highest and Best Use Valuation Principles in a Mass Appraisal Environment
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2 Valuing Diamonds in the Rough: Utilizing Highest and Best Use Valuation Principles in a Mass Appraisal Environment
3 Topics of Discussion Revaluation of a former industrial district at the height of a building boom Introduction to the City of Toronto Assessment history in Ontario Introduction to MPAC Triggers for valuation review Current use VS current value Review of highest and best use principles
4 Topics of Discussion Continued Zoning backgrounder Understanding the local market Market review Examples of redevelopments Public response to reassessments Conclusion of reassessment project
5 Located in the Province of Ontario, on the north shore of Lake Ontario Originally established as the Town of York in 1793 Toronto has a population of 2.57 million and is the 5 th largest city in North America It is the economic capital of Canada and home to the Toronto Stock Exchange (TSX) A very diverse population with approximately 49% of residents born outside of Canada Toronto is best defined by approximately 240 distinct neighborhoods Toronto Quick Facts
6 Canadian Provinces
7 City of Toronto Downtown
8 City of Toronto Downtown
9 City of Toronto Parks
10 City of Toronto Beaches
11 Re-Investment Area Zoning Districts for the City of Toronto
12 Assessment History The provincial government of Ontario assumed the Assessment function from individual municipalities in 1970 The intent at the time was to eliminate inequities by creating a uniform assessment system for all Ontario municipalities. The government introduced Market Value Assessment and the system was offered to municipal governments on a voluntary basis Fearing change and a political backlash, many municipalities chose not to implement the new system
13 Assessment History Continued Current Value Assessment was finally mandated province wide in Ontario in 1998 Until this time the City of Toronto had previously been working with a frozen assessment base, with assessed values factored backwards to a 1940 s level As expected, the introduction of Current Value Assessments was met with a great deal of resistance and skepticism by the general public Current Value Assessments are determined to a base date, the current legislated date is Jan 1, 2008 (the peak of the market!)
14 MPAC Quick Facts The Municipal Property Assessment Corporation (MPAC) is a not for profit corporation legislated by the province of Ontario to administer a province wide property assessment system based on current value. MPAC assesses and classifies 4.7 million properties, which is the largest assessment jurisdiction in North America, with an estimated total assessment value of $1.7 trillion dollars. MPAC has approximately 1,700 employees, located across the province in 33 field offices, a central processing facility and head office.
15 MPAC Corporate Structure: A Mass Appraisal Environment MPAC has a centralized valuation system, with the intent of maximizing the expertise of individual assessors Assessors are organized by departments with emphasis on specific property types The regional offices are home to Customer Service Staff, who are familiar with local neighborhoods and handle much of the day to day enquiries, information requests and general maintenance of the property database
16 MPAC Corporate Structure Continued Several different teams creating values: Industrial Income Strip commercial Special /Exempt Linear Land Analysis Each team performs separate analysis determining their own values.
17 Issues Arising From Mass Appraisal Environment Co-ordination between teams and valuation approaches can be difficult Corporate experts may be located long distances from each other and from certain properties which they assess Difficult to ensure values correspond with nearby properties under different usage or the neighbourhood as a whole This occasionally creates inequities and inconsistencies in the assessments returned in transitional neighborhoods
18 Property Valuations Occurring in Isolation
19 Identifying Valuation Concerns Within Transitional Neighborhoods Many instances where sales were much higher than assessments Inconsistent values across similar properties and properties which were selling for similar amounts Overvaluation of structure portion of value and under valuation of land portion Provincial legislation requires properties be valued at current value and that the values be equitable
20 Proposed Changes to Assessment Process Review sales analysis for all sold properties within identified neighborhoods from Compare Highest Best Use land valuation to value of property as it currently exists Determine criteria for identifying development sites Apply Highest and Best Use valuations consistently across all property types
21 Valuing Land
22 City of Toronto Perspective
23 Current Value VS Current Use
24 Current Value Assessment Act, Section 19.1 Land is to be valued based on its current value. Current Value The amount of money the fee simple would realize if sold unencumbered between a willing buyer and a willing seller in the open market.
25 Current Use Regulation Assessment Act, 19.(2) The Minister may make regulations, (a) providing that the current value of eligible land be based only on current use if the land would otherwise have a higher current value because of other uses to which the land could be put; (b) prescribing what land is eligible for a determination of current value based only on current use including prescribing how long the land must have been used for its current use to be eligible.
26 Property Types to be Valued at Current Use Farmland Conservation Land Managed Forest Wood lots / Orchards Generation Stations (regulated rates)
27 Highest and Best Use Valuation Highest and best use is a concept in Real estate appraisal which states that the value of a property is directly related to the possible uses of that property. The highest and best use is the reasonably probable use that produces the highest property value. This may or may not be the current use of the property.
28 Legally allowable Test of Highest and Best Use Only uses that are or may be allowed can be considered as a potential Highest and Best Use. Physically possible Any potential use must be physically possible given the size, shape, topography and other characteristics of the site.
29 Test of Highest and Best Use Financially feasible The proposed use of the property must generate adequate revenue to justify the cost of construction plus profit to the developer. Maximally productive The use must generate the highest net return to the owner.
30 Zoning Hierarchy Province has ultimate zoning authority, managed by Ministry of Municipal Affairs and Housing Ministry releases Provincial Policy Statement, which provides direction on planning and zoning to decision makers at various levels of government Municipalities are required to have an Official Plan which correspond to the Provincial Policy Statement In the Official Plan, zoning Bylaws are enacted to enforce the desired land use Ontario Municipal Board governs over disputes and appeals of Municipal Zoning Bylaws
31 Zoning General Overview Zoning is Municipality Specific Generally provides for at least 4 separate designations: Commercial Industrial Residential Open Space May have density restriction, height restrictions or limits on unit count per acre
32 Re-Investment Area Zoning Districts for the City of Toronto
33 Re-investment Area Zoning deregulated zoning restrictions allows the market to determine highest and best use of a site encourages development of under utilized and economically depressed neighborhoods densities are controlled by height restrictions and setbacks from the lot lines
34 What motivates a Purchaser? Potential uses - owner occupied, rental property or redevelopment site owner occupant - what is the cost and benefits of doing business out of a specific location? rental property - what income can be achieved from renting the property? developer what is the likelihood of receiving acceptable rate of return on development investment? Sale price will be determined by these competing forces bidding against each other
35 RA District: Market Participants Neighbourhood has three primary land uses Industrial Office Residential
36 Manufacturing Employment in RA District West Over Past Three Census Periods
37 Office Employment in RA District West Over Past Three Census Periods
38 Population of RA West Districts over Past Three Census Periods
39 New Condo Sales
40 Sales Analysis Garment District
41 Developing Rates per sq. ft. Buildable Sale Sale SF Site Sale Price Allowable Sale Price / Address Date Amount Area /SF GFA Buildable GFA 10 SCOLLARD STREET 2003/04 7,750,000 9, , BAY STREET 2002/12 10,000,000 10, , HAYDEN STREET 2003/06 13,900,000 26, , YONGE STREET 2002/05 10,000,000 21, , BLOOR STREET WEST 2000/10 30,000,000 34, ,
42 Condo Sale Price per Sq Ft VS Rate Per Sq Ft Buildable
43 Entertainment District: Aerial View
44 New Developments: Entertainment District
45 Garment District: Aerial View
46 New Developments: Garment District
47 New planning regime introduced in 2002 Challenges of the New Official Plan increased densities throughout arterial corridors significantly increases available development sites what was the effect on values of individual properties and the market as a whole?
48 Project Details Review began with 6600 properties essential all the commercial districts within the City of Toronto Compared preliminary land values vs. built on values. Where the land value was lower than the built on value, these properties were eliminated from further analysis. This step narrowed property count to approximately 1800 properties Narrowed the property count down further by utilizing the following criteria site area must be over 10,000 s.f. land valuation greater than 25% higher than current use valuation After this process we had approximately 550 properties remaining. Upon further discussion, it was decided to constrain project to just the areas zoned as Re-development areas. Which left 154 properties valued as Highest and Best Use.
49 Actual Use King St W
50 Proposed Use Property Description Mid block - site area of 47,276 Zoned RA 23 Currently occupied by a taxi stand and a 3 storey historic building. Actual use valuation - $10,178,000 Highest and Best Use Valuation - $17,963,000 Sale Price $20,000,000
51 Actual Use 126 Simcoe St
52 Proposed Use 126 Simcoe St Site approved for 523 units Total gross floor area of 216,800 Sold in March, 2007 for $15,000,000 Equals a sale price per sq ft buildable of $57 Value based on parking operation would have been approximately $7,500,000
53 259 Lakeshore Blvd East Site Description Site area 64,033 s.f., located near downtown core Zoning Re-Investment Area Property used as car dealership Actual use value - $4,300,000 Highest and Best Use Valuation - $12,806,000 Sale Price - $17,503, /01/30
54 621 King St West Site Description Site area 35,115 s.f. occupied by Travelodge hotel located in the Garment District, Zoned - RA 23 Actual Use Valuation - $8,000,000 (approximate) Highest and Best Use Valuation - $12,745,000 Sale Price - $21,875, /04/08
55 1 Bloor Street East Property Description Corner lot, located at the intersection of Yonge and Bloor. Currently occupied by a two storey retail development. Zoning history Historic zoning allowed mixed commercial / residential uses at a total of 7.8 times density. In 2003 site specific bylaw passed, allowing mixed commercial / residential uses at a total gross floor area of 667,362 sq ft.
56 Actual Use
57 Current Use Assessment Valued as a retail property based on the estimated net operating income divided by the overall capitalization rate, 1 Bloor East was assessed at $10,270,000 for the 2003 CVA.
58 Highest and Best Use
59 Highest and Best Use Assessment After analyzing sales of nearby developments it was determined that a rate of $65 per sq ft of approved GFA would be applied. Re-valued based on its development potential the assessment increased to $43,379,000.
60 Property was sold in December 2006 for.. $62,812,670
61 Where are we Today? Approximately 90 properties of the 154 have been appealed We are facing a legal challenge at the Assessment Review Board in regards to property tax classifications and how it should be applied to these properties To date we have not argued any values of the properties in this project before the Assessment Review Board There have been very few development land sales over the past year, making it difficult to determine where the market is headed
62 Assessment Totals Total Current Use Assessments: $937,476,000 Revised Highest and Best Assessments: $1,948,408,000 Assessment Increase of: 1 Billion Dollars
63 Keys to success Understand municipal zoning, and specific zoning of site Understand the market drivers Real time planning information Network with Planning department Co-ordination needed within all valuation divisions Technology Field inspections Think outside the box Once the research is completed have confidence in the product you have produced
64 Questions?
65
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