The City of Toronto appealed the property assessment of a vacant commercial land parcel, seeking an increase in its current value from $8,495,000 to $12,812,000 for the 2017-2020 taxation years.
The assessed owner argued the property's sale price was a 'hold out' premium and not reflective of open market value.
The Assessment Review Board found that the time-adjusted sale price of $12,812,000 was the best indicator of current value, supported by the direct comparison approach using other properties in the same development assembly and similar development sites in the vicinity.
The Board ordered the assessment increased to $12,812,000.
