The Property Assessment Appeal Board has rejected an attempt by a fast-food giant to overturn a decision by a review panel.
Had McDonald’s Restaurants of Canada been successful, it would have resulted in significantly lower property taxes at its outlet at 8191 Alderbridge Way.
McDonald’s cited an assessment by Colliers International maintaining that the actual value of the property and building was just over $3.8 million. The assessor argued that the land and building were worth nearly $7.5 million.
“I prefer the evidence of the Assessor and find the actual value of the subject property to be $7,531,300, with $7,491,000 allocated to land and $40,300 to building,” the chair of the panel, Allan Beatty, concluded in his ruling last month.
A Property Assessment Review Panel had earlier confirmed a 2017 assessment at just over $6.5 million, which is what prompted the company’s appeal. Beatty’s ruling reiterated the findings of these earlier decisions, imposing the same assessment.
The decision noted that the site is near the Lansdowne Shopping Centre on a corner location with exposure to three streets, including the major commercial artery of Alderbridge Way. There are three access points into the parking lot, though the site itself is “comparatively narrow and deep”, with a total site area of 30,576 square feet.
McDonald’s provided evidence of three sales, including two in the area for the time covered by the assessment at $233 and $245 per square foot. Then it concluded that after adjusting for zoning, these sales were $126 and $132 per square foot.
The assessor provided data on four land sales, tieing his analysis to the “highest and best use” of the site.