Property tax assessment of $6,712,000 confirmed as correct current value exceeded the returned value.
The appellants appealed the 2022 and 2023 property tax assessments of their custom-built residential property in Brampton, assessed at $6,712,000.
They argued the correct value should be $5,247,000.
MPAC presented expert evidence that the 2016 current value was $9,626,000 but did not request an increase.
The Assessment Review Board preferred MPAC's expert evidence and comparable sales approach, finding the correct 2016 current value to be $6,750,000.
The Board also found no equity adjustment was required.
Since the correct value was higher than the returned value and MPAC did not request an increase, the original assessment of $6,712,000 was confirmed.
