The appellant appealed the property tax assessments for a large-format retail food store in Toronto for the 2013-2025 taxation years.
MPAC assessed the property based on a highest and best use (HABU) as a mixed-use redevelopment site, resulting in significantly higher values.
The Assessment Review Board found that MPAC failed to prove a reasonable probability of rezoning within a reasonable timeframe of the valuation dates, noting the lack of a precinct plan and compatibility issues with a nearby sugar refinery.
The Board concluded the HABU was the property's current use and reduced the assessments to $28,731,000 for the 2012 base year and $43,260,000 for the 2016 base year, using the cost approach.
