Rebecca Bolton

The appellant appealed the property assessment of his farm property for the 2018 and 2019 taxation years, arguing the current value should be $318,000 due to the presence of asbestos insulation.

MPAC defended its returned assessment of $396,000 based on the cost and direct comparison approaches.

The Assessment Review Board rejected MPAC's cost approach due to lack of detailed breakdown but relied on the sales evidence.

The Board found the property would likely sell for less than comparable properties due to the asbestos issue, applying a $120,000 cost-to-cure reduction to arrive at a current value of $459,000.

Because MPAC did not serve a notice of intention to seek a higher assessment, the Board confirmed the returned assessment of $396,000.