Joseph McFadden

The appellant appealed the property assessment of a multi-residential apartment building for the 2013, 2014, and 2015 taxation years.

The appellant argued that the assessment should be based on actual rents rather than a Fair Market Rent (FMR) study and challenged the respondent's equity analysis.

The Assessment Review Board rejected the appellant's arguments, applying established case law that economic rent is the proper determinant of market value using the income approach.

The Board accepted the respondent's FMR study and equity analysis, confirming the assessment at $8,427,000.

The appellant appealed the property assessment of a multi-residential apartment building for the 2013, 2014, and deemed 2015 taxation years.

The appellant argued that actual rents should be used to determine current value, while MPAC used a Fair Market Rent study.

The Board accepted MPAC's use of economic rents over actual rents, relying on established case law.

The Board also accepted MPAC's equity analysis, which expanded the vicinity to obtain a larger sample size, finding no equity adjustment was necessary.

The assessment was confirmed at MPAC's recommended value of $8,427,000.