Assessment Review Board
Commission de révision de l’évaluation foncière
ISSUE DATE: December 14, 2017
Assessed Person(s): Richmond Street West (555) Inc.
Appellant(s): City of Toronto (Revenue Services)
Respondent(s): Municipal Property Assessment Corporation (“MPAC”) Region 09
Respondent(s): Richmond Street West (555) Inc.
Property Location(s): 555 Richmond Street West
Municipality(ies): City of Toronto
Roll Number(s): 1904-062-410-02510-0000
Appeal Number(s): 3194361 and 3194362
Taxation Year(s): 2015 and 2016
Hearing Event No.: 686064
Legislative Authority: Section 40 of the Assessment Act, R.S.O. 1990, c. A.31, as amended
Heard: July 11, 12 and 26, 2017 in Toronto, Ontario
APPEARANCES:
Parties
Counsel
City of Toronto
Chris Henderson
MPAC
Melissa VanBerkum
Richmond Street West (555) Inc.
Michael Steinberg
DECISION OF THE BOARD DELIVERED BY JOSEPH M. WYGER
1The Assessment Review Board (“Board”) issued an Interim Decision on November 29, 2017 as ID148043A determining that the total current value of the subject office building was $60,422,700 for the 2015 and 2016 taxation years. The decision called for the parties to provide the Board with an agreed upon apportionment of that value between the commercial (CT) and office building (DT) classifications. On consent of all three parties, the Board makes this final order:
The current value of $60,422,700 is hereby rounded down to $60,422,000.
The $60,422,000 current value is apportioned $55,348,430 to the DT classification, and $5,073,570 to the CT classification.
“Joseph M. Wyger”
JOSEPH M. WYGER
MEMBER
Assessment Review Board
A constituent tribunal of Environment and Land Tribunals Ontario
Website: www.elto.gov.on.ca Telephone: 416-212-6349 Toll Free: 1-866-448-2248