Is a replacement cost method valid for assessing market value?
Ontario, Canada
The following excerpt is from VIA Rail Canada Inc. v MPAC, 2016 ONSC 5705 (CanLII):
Replacement cost method less external depreciation in the form of obsolescence is a valid means to assess market value. (or what the objective owner would pay) The replacement cost method may be used in cases such as this where the owner uses the property for its intended purpose (here, for railway service), would have to replace it if it were destroyed, and other market evidence is not available. (Assessor of Area #01 – Capital v. Nav Canada, (supra)).
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