Jim Betteto

The appellants appealed the property assessment of a 14-storey office building in London, Ontario for the 2017 to 2022 taxation years.

The parties agreed to use the income approach to determine the current value, agreeing on a capitalization rate of 9.5%.

The Assessment Review Board determined the gross income based on the appellants' uncontested evidence of fair market rents for comparable properties.

The Board also determined the appropriate vacancy allowance to be 30% and the expense allowance to be 22.5%.

Applying these figures, the Board reduced the assessment of the subject property from $4,993,000 to $4,732,000.