Andrew E. Fenus

The appellants appealed the property assessment of their industrial property for the 2014 and 2015 taxation years.

The issues were the correct current value of the property, whether an equity adjustment was warranted, and whether a portion of the property should be classified in the excess land subclass.

The Assessment Review Board found that the current value of the property was $1,432,000, rejecting MPAC's time-adjusted factors.

The Board also granted an equity adjustment, reducing the assessment to $1,232,000, relying on the appellants' assessment-to-sales ratio study.

Finally, the Board held that cutting grass on the vacant portion of the industrial site did not constitute "development" or "use" under Ontario Regulation 282/98, and apportioned 19% of the assessment to the excess land subclass.

The appellants appealed the property assessment of their seasonal waterfront residence for the 2014 taxation year.

The Assessment Review Board determined the current value of the property by analyzing comparable sales and applying an average sale price per square foot.

The Board found the current value to be $454,000.

Applying an equity adjustment based on the assessment-to-sales ratio of comparable properties, the Board further reduced the assessment to $395,000.