The appellants appealed the returned value of their residential property for the 2021 taxation year.
MPAC initially assessed the property at $1,918,000 and later sought an increase to $2,046,000, while the appellants argued for a value of $1,300,000.
The Assessment Review Board evaluated the comparable properties presented by both parties, rejecting several due to differences in location, age, and size.
By averaging the time-adjusted sale prices of the two most comparable properties, the Board determined the current value of the subject property to be $1,638,000.
The Board found no evidence to support a further reduction for equitable assessment.