Property assessment appeal dismissed; returned assessment of $1,613,000 confirmed as it was below the calculated current value.
The appellant appealed the property assessment of a residential property in Toronto for the 2013 and 2014 taxation years, returned at $1,613,000.
The appellant argued the property was over-assessed based on comparable sales and requested a reduction to $1,425,000.
MPAC submitted market and equity analyses supporting a higher current value but requested the Board confirm the returned assessment.
The Assessment Review Board reviewed the comparable sales, calculated a rate per square foot, and determined the current value was higher than the returned assessment.
After applying an equity adjustment factor of 0.95, the resulting value remained higher than the returned assessment.
Consequently, the Board confirmed the assessment at $1,613,000.