Phil Deschenes

The appellants appealed the 2014 property tax assessment of a single-storey commercial building in Barrie, originally assessed at $848,000 and revised by MPAC to $830,000 using the cost approach.

The appellants argued that the income approach was more appropriate for the property, proposing a value of $546,000 based on market rent and an 8.0% capitalization rate.

The Assessment Review Board agreed with the appellants, finding the income approach to be the best gauge of current value given the property's age and location, and reduced the assessment to $546,000.

The Board declined to make a further equitable adjustment due to insufficient evidence.