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Property assessment for aircraft hangars upheld; specialized asphalt aprons warrant higher replacement cost and lower depreciation.
The appellant, a Crown tenant at Pearson Airport, appealed the property tax assessments for two aircraft hangars for the 2013-2022 taxation years.
The parties agreed on the cost approach for valuation but disputed the Replacement Cost New and depreciation rate for the asphalt aircraft aprons.
The Assessment Review Board accepted the respondent MPAC's use of the RS Means costing manual and a 1% depreciation rate, finding that aircraft aprons require specialized construction and constant maintenance compared to standard commercial asphalt surfaces.
The assessed values determined by MPAC were upheld.
No co-appearing lawyers found.
No judges found.
