Property assessment reduced to $2,364,000 after Board applied bracketing technique to comparable sales.
The appellant appealed the property assessment of a single-family detached residence in Toronto for the 2020 and 2021 taxation years.
The parties disagreed on the current value, with the appellant arguing for $2,275,045 and MPAC supporting the assessed value of $2,485,000.
The Assessment Review Board rejected the average price per square foot method due to the wide variance in comparable property characteristics, instead applying a bracketing technique.
Finding that lot size and frontage were significant drivers of value in the neighbourhood due to redevelopment pressure, the Board determined the correct current value to be $2,566,713.
Applying an agreed-upon equitable reduction ratio of 0.921, the Board reduced the final assessment to $2,364,000.