Clancy Howes

The City of Toronto appealed the residential classification of a vacant lot for the 2015 and 2016 taxation years.

The parties consented to reclassify the property as multi-residential.

The assessed person challenged the assessed value of $3,806,000.

The Assessment Review Board found that the initial assessment incorrectly applied a corner lot premium and an unsupported rate per square foot.

Based on sales evidence of similar multi-residential development sites, the Board determined the current value using a rate of $55 per square foot applied to the approved buildable area of 68,340 square feet.

The assessment was reduced to $3,759,000, which the Board found equitable with similar lands in the vicinity.