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Property tax assessment of LEEDS Gold office building upheld based on superior construction and actual sub-lease rents.
The appellant challenged the property tax assessment of a three-storey Class 'A' LEEDS Gold office building located in a technology park.
The property was assessed at $19,013,000 based on a fair market rent of $18 per square foot.
The appellant argued for a fair market rent of $16 per square foot, relying on settlements of nearby properties formerly occupied by Research in Motion.
The Assessment Review Board dismissed the appeal, finding that the subject building was superior to the appellant's comparables and that the actual sub-leases in the building supported the $18 per square foot rate.
The Board confirmed the current value as returned.
No co-appearing lawyers found.
No judges found.
