The appellant appealed the current value assessment (CVA) of a vacant residential/recreational waterfront lot for the 2015 and 2016 taxation years.
MPAC had assessed the property at $61,000 but recommended a reduction to $33,500 due to the property's steep slope and weedy shoreline.
The appellant argued that the CVA should be based on the allocated purchase price of $10,000 from a recent bulk sale of three adjoining properties.
The Assessment Review Board rejected the allocated purchase price as unreliable but accepted MPAC's best comparable sale, adjusting it downward by 45% for the property's negative features to find a current value of $53,000.
The Board then applied an equity adjustment based on the assessment-to-sales ratio of the comparable property (59%), resulting in a final CVA of $31,000.
