Long Description New Assessment by Property Type

In 2022, MPAC captured $37.8 billion in new assessment. New assessment refers to new construction and/or additions to existing property that have been recently completed and assessed during the year. In 2022, new assessment in residential properties were valued at $20.5 billion, up from $18.6 billion; residential condominiums were valued at $8.1 billion, down from $10.7 billion; commercial properties were valued at $2.3 billion, down from $3.6 billion; industrial properties were valued at $2.3 billion, up from $2.1 billion; multi-residential properties were valued at $2.5 billion, up from $1.6 billion; farms were valued at $1.1 billion, up from $948.3 million; special/exempt properties were valued at $783.8 million, up from $415.8 million; and managed forest/conservation properties were valued at $60.2 million, up from $46.8 million.