The appellant appealed the 2012 current value assessment of a vacant commercial property in Oakville, originally assessed at $804,000.
MPAC proposed a reduction to $732,000 based on the direct sales comparison approach and land residual technique.
The appellant argued for a value of $385,000, citing restrictive new zoning by-laws and using assessment-to-sales ratios.
The Assessment Review Board rejected the appellant's methodology of using assessed values instead of sales data, but also adjusted MPAC's comparables.
Based on the sales of four comparable properties, the Board determined the current value to be $556,000 and found no further equity adjustment was required.
