Property assessment reduced to $1,069,000 after determining current value and applying a 6% equity adjustment.
The appellant appealed the property assessment of a residential dwelling for the 2017 and 2018 taxation years.
MPAC had returned an assessment of $1,144,000 and proposed a current value of $1,291,000 at the hearing, while the appellant requested the assessment be fixed at the last uncontested value of $858,000.
The Assessment Review Board determined the correct current value to be $1,137,000 based on the comparable properties provided.
The Board also found that a 6% reduction for equity was warranted, resulting in a final equitable assessment of $1,069,000.
