Property assessment reduced to $1,575,000 to achieve equitable assessment with similar waterfront properties.
The appellants appealed the current value assessment of their waterfront property for the 2023 and 2024 taxation years.
MPAC presented a valuation report suggesting a current value of $1,814,000 based on a time-adjusted sale of a comparable property, while the appellants argued for a value of $1,163,000 based on the assessed values of other properties.
The Assessment Review Board rejected the appellants' methodology of comparing assessed values to determine current value, preferring MPAC's direct comparison approach.
The Board determined the current value to be $1,675,000 based on the time-adjusted sale of the most comparable property.
However, applying section 44(3)(b) of the Assessment Act, the Board found that a reduction was required to achieve equitable assessment with similar lands in the vicinity.
Applying an assessment-to-sale ratio of 0.94, the Board reduced the assessment to $1,575,000 for both taxation years.