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Ontario Tax - Assessment - Valuation. Municipal Property Assessment Corporation v. Claireville Holdings Limited
In Municipal Property Assessment Corporation v. Claireville Holdings Limited (Ont CA, 2024) the Ontario Court of Appeal dismissed an appeal (of an appeal) from the Assessment Review Board.
Here the court reviews statutory principles relating to 'valuation':B. Statutory Scheme
[5] Subsection 14(1) of the Assessment Act, R.S.O. 1990, c. A.31, requires MPAC to prepare an assessment roll for each municipality, which includes the current value of all land in the municipality.
[6] Subsection 19(1) of the Assessment Act provides that the assessment of land is to be based on its “current value”. Subsection 1(1) of the Act defines “current value” as, “in relation to land, the amount of money the fee simple, if unencumbered, would realize if sold at arm’s length by a willing seller to a willing buyer”.
[7] Subsection 19.2(1) of the Assessment Act sets the valuation days that apply for specified valuation years. Subsection 19.2(1)3 sets January 1, 2012 as the valuation day for the taxation years 2013 to 2016. Subsection 19.2(1)4 sets January 1, 2016 as the valuation day for the taxation years 2017 to 2020.
[8] Pursuant to s. 40(1)(a)(i) of the Assessment Act, taxpayers are entitled to appeal the assessed value of their land to the Board. On an appeal, pursuant to s. 40(17) of the Act, MPAC has the onus of proving the current value of the land. Pursuant to s. 44(3)(a) of the Act, the Board is required to determine the current value of the land. Section 45 of the Act gives the Board all the powers of MPAC to determine the current value.
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