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.
