Ms. Subocz

The appellant appealed the property assessment of a mixed-use retail and office complex in Toronto for the 2013 to 2016 taxation years.

The parties agreed on the income approach to value, capitalization rate, vacancy rate, and expense rates, but disputed the classification of certain units and the fair market rent for retail and office spaces.

The Assessment Review Board preferred the respondent's blended average fair market rent approach over the appellant's stratified approach, finding the respondent's expert evidence more reliable and compliant with established case law.

The Board determined the current value to be slightly higher than the returned assessment but confirmed the returned assessment of $21,279,000 as the respondent did not seek an increase.