Assessment of rural industrial property reduced to $3,932,000 after adjusting comparable sales for locational deficiencies.
The appellant appealed the property assessment of a rural industrial building for the 2014, 2015, and 2016 taxation years.
The property was assessed at $4,940,000.
The respondent MPAC recommended a reduction to $4,424,000 based on a statistical sales analysis, while the appellant sought a reduction to $3,570,000 based on an individual appraisal that adjusted for the property's remote location and structural deficiencies.
The Assessment Review Board preferred the appellant's nuanced appraisal approach, applying a downward adjustment to comparable sales to account for locational disadvantages.
The Board determined the current value to be $3,932,000 and found no inequity compared to similar lands.
