Property assessment reduced from $7,364,000 to $5,835,000 after adjusting for comparable sales and equity.
The assessed owner appealed the property assessment of a custom-built residence in Toronto, which MPAC had assessed at $7,364,000 for the 2013-2016 taxation years.
The Board reviewed comparable sales presented by both MPAC and the appellant's expert real estate broker.
The Board rejected MPAC's primary comparable due to its significantly larger lot size and ravine setting, preferring the appellant's comparables and expert opinion on ravine premiums.
The Board determined the correct current value to be $6,142,000.
Furthermore, the Board found that an equity adjustment was required under section 44(3) of the Assessment Act, reducing the final assessment to $5,835,000.
