The appellant appealed the property assessments for a 90-acre dual-use farm with a purpose-built canola oil manufacturing facility for the 2014 to 2019 taxation years.
MPAC used the cost approach to determine the current value, which the appellant challenged, arguing for a sales comparison approach and a significantly lower value.
The Assessment Review Board found that MPAC met its burden of proof and that the cost approach, checked against available market data, produced a reasonable current value.
The Board upheld MPAC's assessments and found no adjustment for equity was required.