1 total
Property tax assessments for a Vaughan shopping centre largely upheld based on local comparable lease data.
The appellants appealed the property tax assessments for three properties comprising a big box shopping centre in Vaughan for the 2017 to 2021 taxation years.
The Board determined the correct current value using the income approach, analyzing fair market rent, vacancy allowance, expense allowance, and capitalization rate.
The Board preferred the respondent MPAC's evidence, which relied on comparable properties in the same vicinity, over the appellants' mass appraisal study of properties across the Greater Toronto Area.
The Board ordered reductions for two of the properties based on MPAC's revised calculations and confirmed the assessment for the third property.
No co-appearing lawyers found.
No judges found.
