F. Saponara

The appellants appealed the property tax assessment of their industrial property for the 2013, 2014, and 2015 taxation years.

MPAC assessed the property at over $2.3 million using the Automated Cost System, arguing the recent sale price of $1,930,000 was depressed by an excess supply of properties.

The Assessment Review Board found the sale was a valid arm's length transaction between a willing buyer and seller, and therefore the purchase price was the best indicator of current value under the Assessment Act.

The Board reduced the assessment to $1,930,000 and found no further equity adjustment was required.