The appellant appealed the property tax assessment of a 39-unit high-rise residential building in Brampton for the 2013 and 2014 taxation years.
The dispute centered on the Gross Income Multiplier (GIM) used to calculate the Current Value Assessment.
MPAC used a GIM of 8.74 based on older data, resulting in an assessment of $3,950,000.
The appellant's expert witness presented more current 2012 data from comparable sales, supporting a GIM of 7.79.
The Assessment Review Board accepted the appellant's evidence, finding that current value is best established using the most current data available.
The Board reduced the assessment to $3,489,000 for the 2013, 2014, and deemed 2015 taxation years.
