Property assessment reduced to $1,520,456 as neither MPAC nor the owner fully supported their proposed values.
The appellant property owners appealed the Municipal Property Assessment Corporation's (MPAC) assessment of their single-family detached home at $1,633,000 for the 2013 and 2014 taxation years.
The appellants argued the current value should be $1,450,000, relying on an appraiser's qualitative report.
MPAC defended its assessment based on comparable sales and the property's large irregular lot.
The Assessment Review Board found that neither party provided sufficient evidence to fully support their proposed values.
The Board rejected the appellant's appraisal for lacking quantitative adjustments and time adjustments, but also found MPAC failed to meet its burden of proof to support the $1,633,000 value.
Relying on the best available comparable sale evidence, the Board reduced the assessment to $1,520,456 and found this value to be equitable.
