The appellant appealed the property assessment of an underground parking garage for the 2013 and 2014 taxation years.
The assessment was originally returned at $1,023,000, and MPAC recommended a reduction to $734,000 based on the income approach.
The appellant argued for a value of $430,750 based on an allocated purchase price from a portfolio sale.
The Assessment Review Board rejected the portfolio sale allocation as unreliable and determined the current value using the income approach with actual rental revenue and MPAC's expense ratio.
The Board reduced the assessment to $695,000 and found no further equity adjustment was required.