Alex Locantore

The Appellants appealed the 2012 property tax assessment of the Buttonville Airport Lands.

MPAC had increased the assessment of the main airport parcel from $31.4 million to $63.6 million, arguing that the highest and best use of the land had changed from an airport to urban development land following the sale of a partial interest to a developer.

The Assessment Review Board found that MPAC is legally permitted to change its opinion of value during the four-year assessment cycle.

However, the Board held that MPAC failed to prove that the highest and best use of the land had changed as of the valuation date, given the significant regulatory hurdles and long development timeframes still required.

The Board concluded that the cost approach remained the most appropriate valuation method and reduced the 2012 assessment back to $31.4 million.