The appellant appealed the 2014 property tax assessment of a 39-unit multi-residential building in Toronto.
MPAC assessed the property at $4,788,000 using a Gross Income Multiplier based on Fair Market Rents.
The appellant argued that the assessment should be based on the actual rents, which were lower.
The Assessment Review Board found that MPAC failed to meet its burden of proof to support its Fair Market Rents calculation.
The Board relied on the actual rents, updated to July 2012, and reduced the assessment to $4,234,000.
The Board found no further reduction was required for equity.
The decision also applied to the deemed 2015 appeal.
