Assessment Review Board
Commission de révision de l’évaluation foncière
ISSUE DATE: July 8, 2015
Assessed Person(s): Kamoaks Limited
Appellant(s): Kamoaks Limited
Respondent(s): Municipal Property Assessment Corporation (“MPAC”) Region 15
Respondent(s): Town of Oakville
Property Location(s): 140 Thomas Street
Municipality(ies): Town of Oakville
Roll Number(s): 2401-030-030-13700-0000
Appeal Number(s): 3001113 and 3084542 (deemed 2015)
Taxation Year(s): 2014 (and deemed 2015)
Hearing Event No.: 580926
Legislative Authority: Section 40 of the Assessment Act, R.S.O. 1990, c. A.31, as amended
Heard: March 17, 2014 in Oakville, Ontario
APPEARANCES:
| Parties | Counsel+/Representative |
|---|---|
| Kamoaks Limited | Thomas Revesz |
| MPAC | Gary Leung |
| Town of Oakville | Susan Price |
DECISION OF THE BOARD DELIVERED BY MARGARITA OKHOVATI AND DAN WEAGANT
INTRODUCTION
1The subject property is a single-storey commercial building comprised of 1,800 square feet (“sq. ft.”), constructed in 1987 on a 2,178 sq. ft. lot located on the corner of Thomas Street and Randall Street in the Town of Oakville. The property is in proximity to 16 Mile Creek.
2MPAC has returned an assessment for the 2014 taxation year, in the Commercial Tax Class of $1,269,000. Based on a sales analysis undertaken in preparation for the hearing, MPAC has determined that the property is over-assessed and recommends a value of $986,000.
3The Appellant believes that the value recommended by MPAC is still too high and submitted that the correct current value, derived from different approaches, is in the range of $561,000 and $742,000.
4Two issues are raised in this appeal. Firstly, the Board must determine the current value of the two subject properties as of January 1, 2012, the valuation day stipulated in the Assessment Act (“Act”) for the 2014 and deemed 2015 taxation years. Secondly, the Board must determine if, when reference is made to the assessments of similar lands in the vicinity, the assessment of the subject property should be reduced to make it equitable.
DECISION
5The Board finds that the current value of 140 Thomas Street as of January 1, 2012 is $853,000. Further, the Board finds that the evidence before it does not support a reduction in the assessment below the current value as determined above.
6Accordingly, the Board finds that the assessment of the subject property is reduced from $1,269,000 to $853,000 for the 2014 taxation year, deemed for 2015.
Legislation
7In making its determination on these appeals, the Board must consider s. 1, s. 19.(1), s. 19.2(1) and s. 44.(3) of the [Act](https://www.canlii.org/en/on/laws/stat/rso-19