Margaret Bossy

The appellant appealed the property assessments and omitted assessments for a restricted service hotel for the 2012-2015 taxation years.

MPAC used a Pro Forma income capitalization approach based on stabilized revenue from a market set of comparable properties, as the subject property had not been operating long enough to establish reliable results.

The appellant argued for a different market set and the use of actual performance data.

The Assessment Review Board accepted MPAC's valuation method and market set but adjusted the stabilized Average Daily Rate to the median of the market set, resulting in a slight reduction in the assessed values.