Inna Malinovska

The appellant appealed the 2020-2023 property assessments for a commercial condominium unit located in the Pacific Mall, arguing the assessed value of $346,000 was too high.

The Municipal Property Assessment Corporation (MPAC) submitted the correct value was $415,000 based on the direct comparison approach.

The Assessment Review Board found the correct current value to be $406,000 based on the average sale price of comparable three-unit assemblies.

However, the Board applied an equity reduction of $60,000 under section 44(3)(b) of the Assessment Act because the other two units comprising the appellant's store were assessed at $346,000.

The original assessment of $346,000 was therefore confirmed.