The appellants appealed the property assessment of their residential condominium unit for the 2013, 2014, and deemed 2015 taxation years.
MPAC assessed the current value at $237,000, while the appellants argued for $220,000 based on sales of matching units.
The Assessment Review Board analyzed time-adjusted sales of three similar inside non-waterfront units in the same complex, determining an average square foot value.
Applying this to the subject property, the Board reduced the assessment to $233,000 and found no further adjustment for equity was warranted.