Property assessment increased to $2,385,000 after applying mixed income and cost approaches to retail plaza and gas station.
The appellant property owner appealed the 2023 and 2024 property tax assessments for a multi-tenanted retail plaza and gas station in Thorold, Ontario.
The Assessment Review Board determined the current value of the property by applying the income approach to the retail and office portions and the cost approach to the gas bar improvements and excess land.
The Board rejected the appellant's reliance on actual rents, preferring the respondent's market rent evidence, and declined to consider a vacancy rate issue raised for the first time at the hearing.
The Board ultimately increased the assessed value of the property from $1,858,000 to $2,385,000.
