The appellant appealed the property assessment of an industrial warehouse for the 2014 taxation year.
MPAC assessed the property at $3,086,000, later recommending a reduction to $2,589,000.
The appellant argued the current value should be based on the property's October 2013 purchase price of $1,500,000, citing environmental contamination.
MPAC argued the sale was not a valid open market transaction due to the contamination, vacancy, and other factors.
The Assessment Review Board found the 2013 sale was an arm's length, market-tested transaction and the best evidence of current value.
The Board rejected MPAC's comparable sales as they lacked contamination issues.
The assessment was reduced to $1,500,000.
