Assessment Review Board
Commission de révision de l’évaluation foncière
ISSUE DATE: May 22, 2018
Assessed Person(s): Kalyan Biswas and Bishakha Biswas
Appellant(s): Kalyan Biswas and Bishakha Biswas
Respondent(s): Municipal Property Assessment Corporation ("MPAC") Region 21
Respondent(s): City of Waterloo
Property Location(s): 453 Rideau River Street
Municipality(ies): City of Waterloo
Roll Number(s): 3016-040-001-44126-0000
Appeal Number(s): 3217555 and 3311349 (deemed 2018 appeal)
Taxation Year(s): 2017 and 2018 (deemed appeal)
Hearing Event No.: 697368
Legislative Authority: Section 40 of the Assessment Act, R.S.O. 1990, c. A.31, as amended
Heard: April 19, 2018 by telephone conference call
APPEARANCES:
| Parties | Representative |
|---|---|
| Kalyan Biswas and Bishakha Biswas | Self-represented |
| MPAC | Shaun McLaren |
| City of Waterloo | No one appeared |
DECISION OF THE BOARD DELIVERED BY MARCELLE BOURASSA
INTRODUCTION
1Kalyan Biswas and Bishakha Biswas are the owners of a two storey residential property located at 453 Rideau River Street in the Conservation Meadows neighbourhood in the City of Waterloo. The dwelling has 3,318 square feet ("sq. ft.") of building area and was built in 2013. It is located on a site area of 0.12 acres. The Biswas purchased their home in October 2013 for $572,665 from a builder.
2For the 2017 taxation year under appeal, MPAC returned the assessment for the property at $693,000.
3The Biswas appealed the assessment for the 2017 taxation year to the Assessment Review Board ("Board"). Mr. Biswas, on behalf of the Appellants, takes the position that MPAC's assessment is too high relative to the market. The overall change in the market is approximately 7% whereas the current value assessment ("CVA") for their property has increased by 14%. It is his position that the current value should be approximately $650,000. It is his position that an equity adjustment is required and the property should be assessed at $647,000.
4Under the Assessment Act, R.S.O. 1990, c. A.31 ("Act"), the onus of proof as to the correctness of the current value of the property rests with MPAC. For the period consisting of the four taxation years from 2017 - 2020, a property is valued as of the legislated valuation date of January 1, 2016. MPAC's representative, Shaun McLaren estimates the current value of the property to be $693,000, based on the direct comparison approach. Mr. McLaren also conducted an equity study. It is his position that an equitable reduction is not required. He concludes that the assessment should be confirmed at $693,000 for the 2017 taxation year and the deemed 2018 taxation year.
ISSUES
5The issues to be determined are:
a) What is the correct current value of the property as of the January 1, 2016 valuation date?
b) Whether there should be an equitable reduction of the current value as determined by the Board and, if so, what should the amount of this reduction be?
DECISION
6The Board finds that the current value of the property, as of the January 1, 2016 valuation date, is $660,000, under s. 44.(3)(a) of the Act. Furthermore, the Board finds that the evidence does not support the conclusion that the current value requires an equity adjustment under s. 44.(3)(b) of the Act.
7The assessment of the property located at 453 Rideau River