Property tax assessment of $1,433,000 for a used car dealership confirmed based on sales comparison.
The appellant appealed the Municipal Property Assessment Corporation's (MPAC) current value assessment of a used car dealership property for the 2016 taxation year, arguing the value should be reduced from $1,433,000 to $1,100,000.
MPAC defended the assessment using both the cost approach and the direct sales comparison approach.
The Assessment Review Board found MPAC's analysis reasonable and well-documented, particularly relying on the direct sales comparison approach.
The Board confirmed the assessment at $1,433,000, noting the superior construction of the subject property compared to the older structures of the comparable properties.