Property tax assessment reduced to $1,183,000 after Board rejected MPAC's valuation based solely on lot size.
The appellant appealed the property tax assessment of a two-storey retail building with one residential unit located at 633 Queen Street West in Toronto.
The property was assessed at $1,630,000 for the 2013 and 2014 taxation years.
MPAC argued that the value of the property lay primarily in its lot size and frontage, while the appellant argued that the building area should also be considered.
The Assessment Review Board found that MPAC failed to provide evidence supporting its approach of ignoring the building's value.
Applying the average sale price per square foot of MPAC's own comparables to the subject property, the Board reduced the current value assessment to $1,183,000.