Assessment of converted multi-tenant industrial property reduced to $2,776,000 using adjusted cost approach comparables.
The appellants appealed the property assessment of a converted multi-tenant industrial building.
MPAC valued the property at $3,234,000 using the cost approach as a single occupier standard industrial property.
The appellants argued for the income approach, suggesting a value of $2,303,000, or alternatively, a lower cost approach value based on the property's smaller first-floor footprint.
The Assessment Review Board found insufficient evidence to apply the income approach but agreed that the ratio of first-floor size to total square footage affects value.
Using more appropriate cost approach comparables, the Board reduced the assessment to $2,776,000.
