Assessment Review Board reduces industrial property assessment to $4,723,000, preferring lot coverage over lot size for valuation.
The appellant appealed the property assessment of an industrial property in Mississauga for the 2013 to 2016 taxation years.
MPAC assessed the current value at $5,410,000, while the appellant argued for a value of $4,382,000.
Both parties relied on the Direct Comparison Approach but disagreed on the appropriate comparable properties and adjustments, particularly regarding building height, age, lot coverage, and mezzanine space.
The Board preferred the appellant's expert evidence, finding that lot coverage was a better determinant of value than lot size and rejecting MPAC's statistical models for height and age adjustments.
Relying on four mutually agreed comparable properties, the Board determined the correct current value to be $4,723,000.
