legal update - court tribunal decisions & impact
DESCRIPTION
Legal Update Court, Tribunal Decisions and Impact Jack A. Walker, Q.C. International Property Tax Institute March 24, 2011 Necessity and Role of Precedent How does it establish these criteria precedents System operates vertically but also horizontally. “Fee simple if unencumbered” Horizontal and Vertical Court of Appeal - Future Court of Appeal - Binding effect - How it is dealt with i.e. BCE Place Limited v. MPAC and City of Toronto “Fee simple if unencumbered”TRANSCRIPT
Legal Update Court, Tribunal Decisions and Impact
Jack A. Walker, Q.C.
International Property Tax Institute
March 24, 2011
How does it establish these criteria precedents
System operates vertically but also horizontally.
“Fee simple if unencumbered”
Horizontal
“Fee simple if unencumbered”
Court of Appeal - Future Court of Appeal
- Binding effect
- How it is dealt with
i.e. BCE Place Limited v. MPAC and City of Toronto
Bank Towers Decision 2010 Court of Appeal
What is the ratio decidendi?
Paragraph 23: “The simple amendment instructs the assessor to ignore
encumbrances, such as leases that are not at market
rents.”
When the income approach is taken, the assessor is, as held by
Lacourciere, J.A. to use market rents rather than actual rents.
Paragraph 24: “I also agree with the Divisional Court that this Court’s
decision in Carsons Camp supports the view that what
is to be assessed is the whole value of the land, including
the value of market value leases”
Issue:
Valuation of a special use property
i.e. brand new car assembly plan
Purpose of Appraisal:
To determine the current value of the subject
property for the purpose of the Assessment Act s.19.
Issue:
What does “current value” mean for the purpose of the Act
Is it value in use or value in exchange?
Where does one look for direction?
• Texts
• Articles
• Cases
1 Office Specialty
2, 3 Sun Life
4 CNR v. City of Vancouver
5, 6
7 Southam v. British Columbia 8,9
10 Schwartz v. Cook County