Anthony Candito

The appellant appealed the property assessments of 11 tenanted office condominium units for the 2013, 2014, and 2015 taxation years.

The appellant argued that tenanted properties have a lower value than owner-occupied properties and should be valued using the Net Income approach.

MPAC argued that the Direct Sales Comparison approach should be used.

The Assessment Review Board found that encumbrances such as leases are to be ignored for assessment purposes and preferred MPAC's Direct Sales Comparison approach due to the better quality of comparable properties.

The Board determined the current values and found no further equity adjustments were necessary.