Biagio Galle

The appellant appealed the property tax assessment of the Alt hotel at Pearson International Airport for the 2013-2016 taxation years.

The property was assessed at $20,614,000 based on a January 1, 2012 valuation date.

The appellant argued for a reduced assessment of $15,365,000, while MPAC's expert supported a value of $20,727,000 using the pro forma method of the income approach.

The Assessment Review Board preferred MPAC's expert evidence regarding the average daily rate, occupancy level, and capitalization rate, finding that the hotel's unique location and modern design gave it a significant competitive advantage.

The Board determined the current value to be $20,727,000, found no basis for an equitable reduction, and confirmed the returned assessment of $20,614,000.

The appellant appealed the 2015 property tax assessment of a vacant commercial lot used for mall parking, which was assessed at $989,000.

The Assessment Review Board rejected MPAC's land residual analysis due to insufficient data verification.

Instead, the Board accepted the appellant's direct comparison approach, determining the current value to be $806,387.

The Board further reduced the assessment to $580,599 based on equity considerations, applying a median assessment-to-sales ratio of 0.72 derived from comparable properties in the vicinity.

The decision also applied to the deemed 2016 appeal.