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Property assessment reduced to $577,000 based on direct sales comparison for a mixed-use building.
The appellant appealed the property assessment of a 150-year-old mixed-use building in central Kingston for the 2013-2016 taxation years.
Both parties agreed the highest and best use was as a vacant development site.
The Board preferred the appellant's direct sales comparison approach over the income approach, finding a value of $80 per square foot based on comparable sales.
The assessment was reduced from $968,000 to $577,000, apportioned between commercial and multi-residential classes.
