Assessment Review Board
Commission de révision de l’évaluation foncière
ISSUE DATE: January 30, 2017
Assessed Person(s): 450 Aberdeen Inc.
Appellant(s): 450 Aberdeen Inc.
Respondent(s): Municipal Property Assessment Corporation (“MPAC”) Region 19
Respondent(s): City of Hamilton
Property Location(s): 450-452 Aberdeen Avenue
Municipality(ies): City of Hamilton
Roll Number(s): 2518-010-091-00220-0000
Appeal Number(s): 3094347 and 3156234
Taxation Year(s): 2015 and 2016
Hearing Event No. 636089
Legislative Authority: Section 40 of the Assessment Act, R.S.O. 1990, c. A.31, as amended
Heard: October 17, 2016 in Hamilton, Ontario
APPEARANCES:
Parties
Representative
450 Aberdeen Inc.
Colin Francis
MPAC
Jennifer Bouchard
City of Hamilton
No one appeared
DECISION OF THE BOARD DELIVERED BY MARGARITA OKHOVATI
INTRODUCTION
1The appeal before the Assessment Review Board (“Board”) is filed by 450 Aberdeen Inc. (the “Assessed”) in respect of the returned assessment of $1,115,000 for the 2015 and 2016 taxation years for the subject property at 450-452 Aberdeen Avenue in the City of Hamilton.
2The subject property, 450-452 Aberdeen Avenue is described as a four-storey low rise multi-residential building with 15 two bedroom units with a total site area of 0.24 acres. The building was constructed in 1950 and is in the west end of the City of Hamilton with proximity to highways, shops and restaurants.
ISSUES
3Jennifer Bouchard, representative for MPAC, is of the view that a fair and equitable assessed value for the subject property is $1,115,000 for the 2015 and 2016 taxation years by using income approach to value.
4Colin Francis, representing the Appellant contests that the current value assessment (“CVA”) of the subject property is too high. He testified that based on his analysis, the current value of the subject property should be $907,000. Therefore, he requests that the Board reduce the value of the subject property to $907,000.
5The City of Hamilton was not in attendance in the hearing.
6The Board has to decide:
- Whether the returned assessment of $1,115,000 for the 2015 and 2016 taxation years for the subject property is at current value as of the January 1, 2012 valuation date and if not then to determine the correct current value; and
- Whether the correct current value is inequitable relative to the assessments of similar lands in the vicinity, and if so to adjust it.
DECISION
7The Board determined that the current value of the subject property is $1,090,987 or 1,091,000 (rounded) and that no further adjustment is required to make this value equitable with that of similar properties in the vicinity.
8Therefore, the Board reduces the assessment of the subject property from $1,115,000 to $1,091,000 for the 2015 and 2016 taxation years.
The Legislation
9In determining the value at which land shall be assessed, the Board must have regard to the following provisions of the Assessment Act (“Act”):
10Section 1 of the Act states:
“current value” means, in relation to land, the amount of money the fee simple, if unencumbered, would realize if sold at arm’s length by a willing seller to a willing buyer.
11Section 19.(1) of the Act states:
19.(1) Assessment based on current value. – The assessment of land shall be based on its current value.
12[Section 19.2(1)2](https://www.canlii.org/en/on/laws/stat/rso-1990-