Property assessment reduced to $9,624,000 after Board accepts income approach over MPAC's land-value-only methodology.
The appellant challenged the property assessment of a commercial building at 388 King Street West for the 2009 to 2012 taxation years.
MPAC argued the building had exceeded its economic life and valued the property based solely on land value.
The appellant presented expert evidence supporting an income approach valuation, emphasizing the property's long-term lease to Shoppers Drug Mart as its highest and best use.
The Assessment Review Board accepted the appellant's evidence, finding MPAC's assertions unsupported, and reduced the assessment from $13,873,000 to $9,624,000.
