The appellants appealed the current value assessment of their mixed-use commercial and residential property for the 2013, 2014, and 2015 taxation years.
The property was originally assessed at $682,000.
The appellants argued for a reduction to $465,000, relying on the income and direct sales comparison approaches, while the respondent MPAC recommended a reduction to $584,000 based on a recalculated cost approach and equity analysis.
The Assessment Review Board rejected the income approach and the appellants' argument regarding a right of way, but utilized comparable sales from both parties to determine a current value of $591,790.
Applying a 7% equity adjustment based on MPAC's analysis of similar properties, the Board reduced the assessment to $550,000 and applied the decision to the deemed 2016 appeal.
