Property assessment reduced to $745,000 based on recent purchase price plus renovation costs.
The appellants appealed the 2018 and 2019 property assessments of their residential property, which MPAC had assessed at $819,000.
MPAC proposed a revised current value of $761,000 based on a median assessment-to-sales ratio adjustment, which the Board rejected as an invalid valuation methodology.
The appellants submitted an appraisal report suggesting a value of $740,000, but the Board gave it limited weight due to missing justifications and the appraiser's absence.
Relying on the 2014 purchase price of the subject property plus the cost of subsequent renovations, as well as comparable sales, the Board determined the current value to be $745,000 and reduced the assessment accordingly.
No equitable reduction was granted.
Condominium assessment reduced due to by-law restricting student rentals impacting property value.
The appellant appealed the 2018 property assessment of his condominium unit, arguing the assessed value of $216,000 was too high.
The appellant contended that a recent condominium by-law restricting 'single-family' use to exclude unrelated students negatively impacted the property's value compared to neighbouring buildings without such restrictions.
The Assessment Review Board agreed, finding that sales occurring prior to the by-law change or in unrestricted neighbouring buildings were not comparable.
Relying on a post-by-law sale of an identical unit, the Board reduced the assessment to $182,500.
Condominium assessment reduced to reflect decreased value caused by by-law restricting student rentals.
The appellant appealed the MPAC assessment of his condominium unit for the 2018 taxation year, arguing the assessed value of $216,000 was too high.
The appellant contended that a condominium by-law restricting single-family use and effectively banning student rentals negatively impacted the property's value compared to neighbouring buildings without such restrictions.
The Assessment Review Board agreed that the by-law change constituted a substantial change in permitted uses, rendering pre-bylaw sales and sales from neighbouring buildings less comparable.
Relying on a post-bylaw sale of a similar unit, the Board reduced the assessment to $182,500.
Property assessment reduced for 2018 taxation year based on comparable sales analysis.
The appellants appealed the property tax assessments of their residential property for the 2017 and 2018 taxation years.
The property included a 1/70th interest in common lands.
The appellants argued the assessment was too high and improperly included the value of the common lands.
The Assessment Review Board found that the value of the common lands was properly deemed to be zero under the regulations, but that the overall current value of the property should be reduced based on comparable sales.
The Board confirmed the 2017 assessment at $344,000 and reduced the 2018 assessment from $404,000 to $377,000.