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The Municipal Property Assessment Corporation of Ontario (MPAC) requires that property owners annually file information related to their properties’ incomes and expenses, rental and tenant verification data.
In past years MPAC accepted financial statements and rent rolls for this information. Beginning in 2004, however, MPAC announced that the above method will no longer be considered as compliant.
As of 2004, Spectra clients will have 3 options for submitting the above noted information:
Depending on the number of properties managed, methods 1 & 2 requires investing an inordinate number of hours/days/weeks filling out and submitting the necessary information. Depending on the number of tenants, owners have reported spending several hours completing the information for just a single property. Additionally, this exercise must be completed annually. Finally, manually entering the information exposes owners to potentially costly data entry and/or transcription errors.
The great news is there is a much better way.
Developed in conjunction with MPAC, Spectra’s new MPAC Module automates the MPAC submission process, exponentially reducing the time it takes to provide MPAC with the necessary data. The SPECTRA Property Management Software MPAC Module exports all the pertinent information regarding buildings, units and tenants that MPAC requires. It includes full editing capability as well as data verification.
This module will, without question, save you considerable time, effort and money as well as dramatically reduce the potential for data entry errors.
There is no question that given the extremely laborious nature of manually completing the MPAC forms, this module - from an investment perspective - provides exceptional value. In fact, it will very likely pay for itself in the first year alone.
"Ontario MPAC" is part of the SPECTRA Property Management Software line of products, developed by RealPage, Inc.