Property assessment appeal allowed in part; current value set at $1,315,000 with a 6% equity reduction.
The appellant appealed the 2024 and 2025 property assessments of their residential property in Oakville, arguing the assessed value was too high.
MPAC had increased the assessment after discovering significant renovations and a basement apartment.
The Assessment Review Board evaluated comparable property sales provided by both parties and preferred MPAC's evidence, setting the current value at $1,315,000.
The Board then applied a 6% equity reduction based on the assessment-to-sales ratio of similar properties in the vicinity, resulting in a final assessed value of $1,236,000.
