Emily Corsi

The appellant appealed the property tax assessment of a 65-unit multi-residential property for the 2017 to 2022 taxation years.

The parties agreed to use the income approach but disputed the potential gross income and the capitalization rate.

The Assessment Review Board determined the potential gross income by substituting market rents for subsidized units and established a capitalization rate of 7.16% based on comparable properties.

The Board concluded the current value of the property was $10,409,916, which was reduced to $9,577,000 after applying an agreed 8% equitable adjustment, resulting in a reduction from the returned assessment of $9,970,000.

The appellant appealed the property tax assessment of a 113-unit multi-residential rental building in Kingston for the 2017 to 2021 taxation years.

The parties agreed that the income approach was the best method for determining the current value, but disagreed on the appropriate capitalization rate and whether the direct comparison approach should be used as a check.

The Assessment Review Board rejected the direct comparison approach due to a lack of similar comparable properties.

After analyzing the comparable sales provided by both experts, the Board determined a base capitalization rate of 5.89%, resulting in an overall capitalization rate of 7.16% and a current value of $20,103,701.

The Board further found that an equitable reduction was required based on the assessment to sales ratio of similar properties, reducing the final assessed value to $18,500,000.

The appellants appealed the property assessment of their waterfront residential property for the 2013-2016 taxation years, arguing the assessed value of $1,601,000 was too high.

The Assessment Review Board heard evidence from three expert valuators.

The Board rejected the respondent's valuation, finding it lacked detailed inspection data and failed to account for the property's irregular shape and shallow waterfront.

Preferring the detailed appraisals provided by the appellants' experts, the Board determined the correct current value of the property to be $1,180,000 and ordered the assessment reduced accordingly.

No further reduction for equity was warranted.