Michael Steinberg

The appellant appealed the property assessment of a converted light industrial building in Kitchener for the 2019-2023 taxation years.

The parties agreed to use the income approach to value but disputed the correct Fair Market Rent (FMR).

The Board found that the actual rents at the subject property were relevant due to its unique characteristics and location.

The Board determined the correct FMR to be $9.28 per square foot, resulting in a reduced current value assessment of $1,829,000.

The appellant requested an order requiring the Municipal Property Assessment Corporation (MPAC) to disclose documents relating to commercial properties not under appeal.

Notice was served on the third-party property owners, none of whom objected.

As the request was unopposed and on consent of all parties, the Assessment Review Board granted the order for disclosure pursuant to section 53(5) of the Assessment Act.

Following an interim decision determining the total current value of the subject office building at $60,422,700, the Assessment Review Board issued a final order on consent of all parties.

The current value was rounded down to $60,422,000 and apportioned $55,348,430 to the office building (DT) classification and $5,073,570 to the commercial (CT) classification.

The City of Toronto appealed the assessment of a 12-storey office building, arguing its value should be increased from $43.3 million to $84 million based on a 2014 sale.

The property owner argued the value should be $55.7 million based on a 2011 sale.

MPAC proposed a value of $70.9 million using the income approach.

The Assessment Review Board found that neither sale was the best evidence of value and applied the income approach.

The Board rejected arguments that surface parking constituted surplus land with development value, finding its current use was its highest and best use.

The Board determined the correct current value to be $60,422,738 and found insufficient evidence to warrant an equity reduction.

The City of Toronto appealed the assessment of a 12-storey office building, arguing its value should be based on a 2014 sale of $100 million rather than the returned assessment of $43.3 million.

The assessed person argued for a value of $55.7 million based on a 2011 sale.

The Assessment Review Board found neither sale was the best evidence of value for the January 1, 2012 valuation date.

Using the income approach, the Board preferred the assessed person's fair market rent of $14 psf over MPAC's $16 psf, and rejected arguments that the surface parking area had surplus development value.

The Board determined the correct current value to be $60,422,738 and found insufficient evidence to warrant an equity reduction.