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Property assessment appeal resolved by determining effective dates of occupancy and applying income and cost approaches.
The appellant appealed the property assessment of a mixed-use property that underwent significant renovations to convert commercial spaces into residential units.
The Board determined the effective date of the supplementary and correction of errors assessments to be September 1, 2023, when the new residential units commenced to be used.
The Board largely accepted MPAC's valuation evidence using the income and cost approaches, rejecting the appellant's reliance on a 2016 sale price and modelled rents.
An agreed 8% downward adjustment was applied to ensure equity with similar properties in the vicinity.
No co-appearing lawyers found.
No judges found.
