Assessment Review Board
Commission de révision de l’évaluation foncière
ISSUE DATE: October 16, 2015
Assessed Person(s): Trott Holdings Limited
Appellant(s): 1906661 Ontario Inc.
Respondent(s): Municipal Property Assessment Corporation (“MPAC”) Region 15
Respondent(s): City of Mississauga
Property Location(s): 15 James Street
Municipality(ies): City of Mississauga
Roll Number(s): 2105-120-006-14800-0000
Appeal Number(s): 3049729 and 3082481 (deemed)
Taxation Year(s): 2014 (and deemed 2015)
Hearing Event No.: 593744
Legislative Authority: Section 40 of the Assessment Act, R.S.O. 1990, c. A.31, as amended
Heard: September 14, 2015, Mississauga, Ontario
APPEARANCES:
Parties
Counsel/Representative
1906661 Ontario Inc. and Trott Holdings Limited Daniel Attard
MPAC Julie Omoregie
City of Mississauga No one appeared
DECISION OF THE BOARD DELIVERED BY F. SAPONARA
PRELIMINARY ISSUE
1As a preliminary matter, MPAC’s representative requested that the appeals be adjourned because she did not expect that the Appellant would be represented by a lawyer. Counsel for the Appellant objected to the adjournment request. The Appellant’s position is that an adjournment would result in unnecessary expense to the Appellant. The Board denied the request because proper notice of the hearing had been served on the parties, the Appellant was prepared to proceed with the hearing and the Appellant’s choice of representation did not contravene any of the Board’s Rules of Practice and Procedure.
INTRODUCTION
21906661 Ontario Inc. purchased the property located at 15 James St in the City of Mississauga, in November 2013 from Trott Holdings Limited, and paid $700,000.
3The property is located within the Streetsville cluster of offices, retail and residential properties, within the City of Mississauga. It consists of a metal siding building, which was built in 1957, situated on a lot measuring 115 by 265 feet, being equivalent to .7 acre. The building has a total area of 6,620 square feet. 1,250 square feet is being used as office and the rest is used as an automotive body shop.
4The property’s is located at the corner of James Street and William Street. On the north side, the property is partially abutting a row of townhouses. On the south side it is across from a main railway line.
5The subject property was assessed at $1,094,000 for the 2014 taxation year. The assessment was reduced to $976,000, for the deemed 2015 taxation year appeal, as a result of Appellant’s request for reconsideration.
ISSUES
6Julie Omoregie, representing MPAC submits that the bulk of the value associated with the subject property rests with its land component. Accordingly, using the Cost Approach, she has determined that as of January 1, 2012, the value of the building is $98,000 and the value of the land component is $986,000, resulting in a total current value assessment of $1,084,000, as detailed in Exhibit 1, Tab 7. The assessed value was reduced to $976,000 for the 2015 taxation year, as a result of a request for reconsideration filed by the Appellant. The reasons for the reduction were not provided to the Board. It is Ms. Omoregie’s position that the $700,000 price paid by the Appellant when he purchased the property in November 2013, is not indicative of the property’s current value as of January 1, 2012.
7In rejecting the sale of the subject property evidence, the Assessor submits that it is not a