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Property assessment reduced to $1,938,000 based on revised basement area and assessment-to-sales ratio of comparable properties.
The appellants appealed the returned property assessment of $2,317,000 for a commercial property in Toronto for the 2014 and 2015 taxation years.
MPAC revised its assessment to $2,267,000 after discovering a smaller finished basement area during an inspection.
The appellants argued for a lower value based on the property's condition, drainage issues, and income analysis.
The Assessment Review Board rejected the appellants' income analysis and drainage arguments due to lack of factual evidence, but applied an assessment-to-sales ratio from comparable properties to MPAC's revised value.
The Board determined the current value to be $1,938,000 and found no equity adjustment was required.
No co-appearing lawyers found.
No judges found.
