The appellant appealed the dismissal of its application for a property tax exemption for premises it leases in four buildings.
The appellant argued that section 10 of the YMCA Act, which exempts 'buildings, lands... of the said association', should be interpreted broadly to include leased premises.
The Court of Appeal dismissed the appeal, holding that a leasehold interest is not 'land' or 'property of' the association within the meaning of the Assessment Act and the YMCA Act.
The exemption requires an ownership interest, and the plain meaning of the statute does not extend to leased properties.
