Property assessment reduced to $1,338,000 to ensure equity with similar renovated properties in the vicinity.
The appellants appealed the 2020 property assessment of their renovated single-family home in Toronto, which MPAC had assessed at $1,507,000.
The Board first determined the current value of the property to be $1,527,000 based on MPAC's time-adjusted sales analysis of comparable properties.
However, upon conducting an equity analysis comparing the subject property to five similarly renovated properties in the vicinity, the Board found that a reduction was necessary to achieve equitable assessment.
The Board ordered the assessment reduced to $1,338,000.