What steps must the Assessment Review Board take to determine the value of a property for purposes of property tax?
Ontario, Canada
The following excerpt is from PPF Investments Inc. v. The Town of Oakville et al., 2010 ONSC 491 (CanLII):
The Assessment Act requires the Board to undertake a two step process in assessing the value of a property for purposes of property tax. The first step is to determine the actual current value of the land. The second step is to consider adjusting the value downward, if it is appropriate to do so, in order to make the assessed value of the property for purposes of property tax equitable, having regard to the assessed values (as distinct from the actual current values) of similar lands in the vicinity. As Lang J. stated in Clarkson v. Ontario Assessment Review Board[11], “Under the Act, the Board must determine the market value under s. 19 and then determine whether the assessment is equitable as compared to other properties in the vicinity.”
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