The appellant appealed the property assessment of a retail furniture showroom for the 2013, 2014, and deemed 2015 taxation years.
MPAC had assessed the property at $5,664,000 using an income approach, but a predecessor MPAC representative had previously offered a reduction to $5,124,000.
The appellant's expert argued for a further reduction to $3,009,000 using a cost approach and citing economies of scale.
The Assessment Review Board rejected the appellant's cost methodology as unpersuasive and flawed, preferring MPAC's income approach and sales evidence.
The Board reduced the assessment to $5,124,000, honouring MPAC's earlier offer, and found no further reduction was necessary to achieve equity with similar properties.
