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Good afternoon everyone. Um, I now call

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to order the hearing of the assessment

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review board to order for July 15, 2026

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at 10:01 p.m.

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Please note that today's hearing is

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being streamed lived and recorded on

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YouTube. Attendees acknowledge

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acknowledge names, addresses, and other

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details provided when speaking in

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today's hearing will be publicly shared.

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You should have, should you have any

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questions, please contact legislative

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and advisory services division for the

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town of High River by sending an email

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to atiphy river.ca.

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First, I would like to introduce myself.

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Um, I am Renee Clemens, chair of the

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assessment review board for the 2026

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term, and I'm serving as the presiding

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officer in today's uh local assessment

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review board hearing.

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Um, at this time I will introduce or

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allow my fellow board members to

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introduce themselves.

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>> Hello, my name is Taylor Cameron. I'm a

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» Hello, my name is Taylor Cameron. I'm a

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member of the assessment review board.

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>> My name is Hank Lee Frank. I'm a member

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» My name is Hank Lee Frank. I'm a member

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as well.

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>> The matter before the board today is a

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» The matter before the board today is a

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merit hearing regarding the following

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role numbers and property addresses.

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Roll number 80139

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0 located at 38 Sunrise Place Northeast

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and RO number 8161

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0 located at 64 Sunrise Place Northeast.

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These properties are owned by Paul and

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Sarah Jane Bloomfield.

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This hearing will consider the

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complaintant filed and the evidence

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presented by both parties respecting the

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assessed value.

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I will now ask those present to

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introduce themselves for the record. Uh

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we will begin with board administration

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followed by the complainant and then the

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respondent.

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Good afternoon. I am Jod Hipkin,

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co-chair with my colleague

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Alicia Plet.

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» Complainant.

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>> Hi, my name is Paul Blumfield and I am

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» Hi, my name is Paul Blumfield and I am

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the complainant.

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Good afternoon. My name is Stuart Dumple

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um representing the respondent.

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>> My name is Brandon Garner. I'm uh an

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» My name is Brandon Garner. I'm uh an

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assessor with the town of High River.

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>> Thank you.

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» Thank you.

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>> Before we begin, I'll briefly outline

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» Before we begin, I'll briefly outline

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the hearing process. Um this is a quasi

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judicial hearing and the board will

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consider the evidence and submission

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presented by both parties. All parties

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are expected to provide truthful and

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accurate information as the board will

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rely on this in making their decision.

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All questions are to be directed through

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the chair

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and the complainant will present their

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case followed by the respondent. The

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complainant will then be able to present

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their rebuttal. Each party will have the

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opportunity to ask any questions of each

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other um or one another and the board

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may ask questions at any time.

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We will conclude the closing submissions

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and any evidence not disclosed in

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accordance with the required timelines

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may not be accepted by the board. Before

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we proceed, are there any preliminary

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matters from either party such as

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questions about the hearing process and

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how the hearing will proceed?

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>> Not from me.

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» Not from me.

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>> No, no questions from the respondent.

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» No, no questions from the respondent.

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Thank you.

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>> Thank you. concerns about potential

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» Thank you. concerns about potential

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conflict of interest or bias with any of

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the board members?

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» Again, not for me. Thank you, chair.

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>> Thank you. And none here, too. Thank

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» Thank you. And none here, too. Thank

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you.

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>> Thank you. Concerns about documents and

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» Thank you. Concerns about documents and

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evidence that were submitted or not

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received.

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» Uh, again, no from me

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>> and none from the respondent either.

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» and none from the respondent either.

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Thank you.

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requests to have someone speak on your

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behalf or assist during the hearing. I'm

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assuming no because we are all present.

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And any other procedural issues that

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should be addressed before we begin

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discussing the property assessment?

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>> All good here. Thank you.

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» All good here. Thank you.

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>> Yeah. All good. Thank you very much,

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» Yeah. All good. Thank you very much,

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Madam Chair.

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>> Thank you.

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» Um I will now invite the complainant to

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present their case. Um and you may

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proceed whenever you're ready.

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>> Thank you, Madam Chair. Um good morning

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» Thank you, Madam Chair. Um good morning

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uh to everybody on the board and to uh

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the respondents and uh everyone else

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present. Thank you for the opportunity

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to present um our appeal regarding the

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2026 assessments for 38 and 64 Sunrise

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Place Northeast.

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Um, I would like to begin by

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acknowledging that the town has reviewed

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our complaint, uh, corrected errors

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relating to garage and suite sizes and

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reduced both assessments, and we

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appreciate those corrections.

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However, we respectfully submit that the

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amended assessments of 418,400

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and 421,300

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still do not represent market value as

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of July 1st, 2025 as required under the

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municipal government act.

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Um, our appeal is not about whether the

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town is permitted to use the market

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adjusted depre depreciation depreciated

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cost model. We accept that it is an

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approved mass appraisal methodology. Our

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concern is that for this particular

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group of properties, the model has

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produced values that are inconsistent

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with the actual market evidence.

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[snorts]

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The stronger strongest evidence of

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market value is the sale of 50 Sunrise

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Place Northeast.

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It sold for 380,000 on May the 9th,

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2025.

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just 7 weeks before the legislated

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valuation date.

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Because it occurred so closely to July

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1st, it required virtually no time

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adjustment.

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Despite this, the town's own amended

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assessment for that property is

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approximately 416,300

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or about 109% of its actual sale price.

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We submit that when the best comparable

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sale immediately preceding the valuation

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date is assessed significantly above

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what a willing buyer actually paid for

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it, it [snorts] raises serious questions

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about whether the assessment reflects

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market value.

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[snorts] The town's disclosure also

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shows that the valuation model relies

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heavily on sales from 2022 through 2024.

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Those older sales required time

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adjustments ranging from approximately

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11% to 46% before being used in the

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model. These adjustments increase nearly

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every historical sale to values that

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exceed what buyers have actually paid on

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Sunrise Place.

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One example illustrates this clearly.

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The property at 32 Sunrise Place

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Northeast sold twice. It sold for

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339,500

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in February of 2023

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and again for 398,600

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in April of 2024.

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That represents actual market

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appreciation of approximately 17.4%.

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However, the town's adjustment curve

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appears to apply an increase of roughly

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26% over the same period.

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In other words, the model assumes

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significantly greater market

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appreciation than the market itself

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actually demonstrated.

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Another important observation is that

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seven of the eight adjusted Sunrise

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price place sales are adjusted upwards

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to values above the 398,600.

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[snorts] And yet 398,600

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was the highest price ever actually paid

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for a Sunrise Place property before the

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valuation date.

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The model is therefore producing

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adjusted values that exceed the highest

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prices buyers were willing to pay in the

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real market.

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Uh we also note that 42 Sunrise Place

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Northeast sold for 375,000

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in January of 2026.

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And while we recognize that this sale

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occurred after the valuation date and is

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not direct evidence of a July 1st sale

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at 375,000,

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sorry. Um,

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it does provide a useful check on

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whether the town's market trend was

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realistic. If the market was continuing

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to rise, as the town suggests, it's

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difficult to reconcile that with a sale

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at 375,000

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only 6 months later, while assessments

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remain above 418,000.

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Taken together, these sales consistently

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indicate a market level well below the

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amended assessments.

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Throughout this process, we have not

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argued that the town's methodology is

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unlawful.

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Rather, we submit that the methodology

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has overestimated market appreciation

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for this specific group of attached

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villas. The actual market evidence does

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not support assessments in excess of

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418,000.

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Instead, it supports a value much closer

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to the observed sales immediately before

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and after the valuation date.

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Our original complaint requested a value

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of 360,000.

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We acknowledge that the evidence may

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support a value somewhat above that

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amount. However,

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the evidence before the board does not

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support values of 418,400

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and 421,300.

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And therefore, we respectfully ask the

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board to determine an assessment that is

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supported by the actual market evidence

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rather than by adjusted values that

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exceed what purchasers have demonstrated

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they are willing to pay.

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Thank you.

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» Thank you. I will now um ask the

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respondent if they have any questions.

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[snorts]

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>> Thank you, Madam Chair. Um I might have

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» Thank you, Madam Chair. Um I might have

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missed missed hearing or I guess to

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clarify what is what is the request

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through the through the chair. What is

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the requested assessment for the for the

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two condos in Sunrise Place that being

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38 Sunrise Place and 64 Sunrise Place?

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When when can I continue, Madam Chair?

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When we had originally submitted our

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complaint, our complaint had um asked

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for

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an assessment value of 360,000.

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through this process that we have gone

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through and through what has been

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clearly demonstrated to me through the

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the the gathering of more information, I

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accept that the properties are worth

282
00:11:52,880 --> 00:11:54,959
around 380,000.

283
00:11:54,959 --> 00:11:56,640
So that's now the property value that

284
00:11:56,640 --> 00:11:59,600
we're looking to have them reduced to,

285
00:11:59,600 --> 00:12:01,110
>> right?

286
00:12:01,110 --> 00:12:01,120
» right?

287
00:12:01,120 --> 00:12:02,949
>> Especially considering that particular

288
00:12:02,949 --> 00:12:02,959
» Especially considering that particular

289
00:12:02,959 --> 00:12:05,120
property sold seven weeks prior to the

290
00:12:05,120 --> 00:12:10,629
actual date.

291
00:12:10,639 --> 00:12:12,320
Just to confirm for the record that's

292
00:12:12,320 --> 00:12:14,560
for both role numbers.

293
00:12:14,560 --> 00:12:16,870
>> Yes, madam chair.

294
00:12:16,870 --> 00:12:16,880
» Yes, madam chair.

295
00:12:16,880 --> 00:12:19,030
>> Thank you.

296
00:12:19,030 --> 00:12:19,040
» Thank you.

297
00:12:19,040 --> 00:12:22,870
>> Um I will now ask the respondent um to

298
00:12:22,870 --> 00:12:22,880
» Um I will now ask the respondent um to

299
00:12:22,880 --> 00:12:25,440
present their case and you may proceed

300
00:12:25,440 --> 00:12:29,200
at any time. Thank you madam chair. Uh

301
00:12:29,200 --> 00:12:30,399
good afternoon everybody. It's a

302
00:12:30,399 --> 00:12:31,600
pleasure to speak to you today to

303
00:12:31,600 --> 00:12:35,920
respond to the complaint for 30 38

304
00:12:35,920 --> 00:12:39,519
Sunrise Place and 64 Sunrise Place uh

305
00:12:39,519 --> 00:12:41,680
previously identified

306
00:12:41,680 --> 00:12:45,360
uh here. Um I do have the assessment

307
00:12:45,360 --> 00:12:49,920
information on page 53 of So I've got

308
00:12:49,920 --> 00:12:52,959
the we got the original assessment

309
00:12:52,959 --> 00:12:58,870
uh for 38 Sunrise Place at 430,200.

310
00:12:58,880 --> 00:13:03,190
It's near the back.

311
00:13:03,200 --> 00:13:05,600
» Which one you want the map?

312
00:13:05,600 --> 00:13:07,190
>> It's near It's near the back of the in

313
00:13:07,190 --> 00:13:07,200
» It's near It's near the back of the in

314
00:13:07,200 --> 00:13:10,079
the addendum. [snorts] I've got page 53

315
00:13:10,079 --> 00:13:12,240
of my submission or our submission.

316
00:13:12,240 --> 00:13:13,869
Sorry.

317
00:13:13,869 --> 00:13:14,160
[snorts]

318
00:13:14,160 --> 00:13:15,750
>> We don't have to go there. I can I can

319
00:13:15,750 --> 00:13:15,760
» We don't have to go there. I can I can

320
00:13:15,760 --> 00:13:17,279
just refer to it, but it's just just

321
00:13:17,279 --> 00:13:18,639
that it was included just for

322
00:13:18,639 --> 00:13:22,374
information.

323
00:13:22,384 --> 00:13:24,160
» [clears throat]

324
00:13:24,160 --> 00:13:27,350
>> Yeah, it's Yeah, it'll be Yeah, it's

325
00:13:27,350 --> 00:13:27,360
» Yeah, it's Yeah, it'll be Yeah, it's

326
00:13:27,360 --> 00:13:36,069
near the It'll be near the end. Okay,

327
00:13:36,079 --> 00:13:37,920
here we go.

328
00:13:37,920 --> 00:13:39,590
>> Thank you.

329
00:13:39,590 --> 00:13:39,600
» Thank you.

330
00:13:39,600 --> 00:13:41,910
>> Thank you. So, this is 38. So, this is

331
00:13:41,910 --> 00:13:41,920
» Thank you. So, this is 38. So, this is

332
00:13:41,920 --> 00:13:44,800
the original assess original assessment.

333
00:13:44,800 --> 00:13:46,320
So, just scroll down a page. That was

334
00:13:46,320 --> 00:13:48,639
430,200.

335
00:13:48,639 --> 00:13:50,560
And then the next page is the proposed

336
00:13:50,560 --> 00:13:55,440
amendment which we'll get to at 428

337
00:13:55,440 --> 00:13:58,560
uh 300 sorry 421300.

338
00:13:58,560 --> 00:14:01,440
And then the next page is the original

339
00:14:01,440 --> 00:14:04,320
assessment for 64 Sunrise Place at

340
00:14:04,320 --> 00:14:06,959
426900.

341
00:14:06,959 --> 00:14:08,639
And then the next page would be the

342
00:14:08,639 --> 00:14:10,800
amended proposed assessment for 64

343
00:14:10,800 --> 00:14:17,189
Sunrise Place Northeast at 418400.

344
00:14:17,199 --> 00:14:19,360
Thank you, Joey.

345
00:14:19,360 --> 00:14:23,440
So, we just go back to page three.

346
00:14:23,440 --> 00:14:31,030
Three, I guess would be good.

347
00:14:31,040 --> 00:14:32,240
Although, we could start. We could

348
00:14:32,240 --> 00:14:33,839
start. Yeah, page three is good. That'd

349
00:14:33,839 --> 00:14:39,665
be awesome. Thank you.

350
00:14:39,675 --> 00:14:41,360
[laughter] Sorry.

351
00:14:41,360 --> 00:14:44,079
So this is just just to go through our

352
00:14:44,079 --> 00:14:48,160
um our submission. Uh page three just

353
00:14:48,160 --> 00:14:49,680
identifies it's just the assessment

354
00:14:49,680 --> 00:14:51,920
review board receipt of complaint and

355
00:14:51,920 --> 00:14:53,279
notice of hearing. It's the same for

356
00:14:53,279 --> 00:14:57,600
both properties uh as identified number

357
00:14:57,600 --> 00:15:00,320
number 38 and 64.

358
00:15:00,320 --> 00:15:04,000
Uh page six is just a complaint for the

359
00:15:04,000 --> 00:15:08,880
for the one for 38 Sunrise Place.

360
00:15:08,880 --> 00:15:11,839
Page seven uh just shows the relative

361
00:15:11,839 --> 00:15:15,199
location of uh sunrise place in High

362
00:15:15,199 --> 00:15:17,680
River. So on the top of the page, we've

363
00:15:17,680 --> 00:15:19,920
got a a map overall map of High River

364
00:15:19,920 --> 00:15:23,519
with the blue rectangle uh highlighted

365
00:15:23,519 --> 00:15:25,279
representing

366
00:15:25,279 --> 00:15:28,959
Sun well the area of Sunrise Place.

367
00:15:28,959 --> 00:15:31,440
And then at the bottom of page seven,

368
00:15:31,440 --> 00:15:33,760
the blue highlighted area is Sunrise

369
00:15:33,760 --> 00:15:36,639
Place and in of itself.

370
00:15:36,639 --> 00:15:39,360
And then just north of Sunrise Place is

371
00:15:39,360 --> 00:15:41,440
Mundy Park which [snorts] is not it's

372
00:15:41,440 --> 00:15:44,560
not a condo. Uh but the the one area

373
00:15:44,560 --> 00:15:46,160
immediately north of Mundy Park is

374
00:15:46,160 --> 00:15:48,000
Sunvil Place which will be discussed

375
00:15:48,000 --> 00:15:50,639
will be included in this presentation.

376
00:15:50,639 --> 00:15:54,000
And then immediately west of Sun Sunvil

377
00:15:54,000 --> 00:15:58,000
Place is uh Sunville Crescent uh which

378
00:15:58,000 --> 00:16:00,160
are similar units just for information.

379
00:16:00,160 --> 00:16:02,720
So the highlighted areas, Sunrise Place

380
00:16:02,720 --> 00:16:05,680
where uh in the northeast and then on

381
00:16:05,680 --> 00:16:07,440
page eight

382
00:16:07,440 --> 00:16:10,560
shows the relative location of uh number

383
00:16:10,560 --> 00:16:15,360
38 Sunrise Place on um the east side of

384
00:16:15,360 --> 00:16:18,240
that development and 64 almost

385
00:16:18,240 --> 00:16:22,550
immediately across the way.

386
00:16:22,560 --> 00:16:25,600
I think it's turning to page page nine.

387
00:16:25,600 --> 00:16:29,120
Uh the following table shows the factual

388
00:16:29,120 --> 00:16:30,720
information regarding these two

389
00:16:30,720 --> 00:16:34,320
properties. Um and we'll get into the

390
00:16:34,320 --> 00:16:36,720
I'll discuss the legal information in a

391
00:16:36,720 --> 00:16:40,079
minute. Uh so the the top of it shows

392
00:16:40,079 --> 00:16:44,959
the the site area 124.9 for both and the

393
00:16:44,959 --> 00:16:47,920
site and in in square feet it shows that

394
00:16:47,920 --> 00:16:51,040
should be square feet sorry at 1344 ft

395
00:16:51,040 --> 00:16:53,920
for both units. That's the total size

396
00:16:53,920 --> 00:16:56,480
with the respective suite size of number

397
00:16:56,480 --> 00:17:00,240
38 being originally at 1,060 with the

398
00:17:00,240 --> 00:17:03,920
garage of 274 for a total of 1334.

399
00:17:03,920 --> 00:17:07,600
And then for number 64 the sweet size on

400
00:17:07,600 --> 00:17:10,480
the original assessment is 1,037 with a

401
00:17:10,480 --> 00:17:13,280
garage at 307 again with the total at

402
00:17:13,280 --> 00:17:15,360
1344.

403
00:17:15,360 --> 00:17:16,959
The original assessment of third number

404
00:17:16,959 --> 00:17:19,600
38 is 43200

405
00:17:19,600 --> 00:17:23,120
and of 64 is 426,900

406
00:17:23,120 --> 00:17:26,400
with the relative uh value per square

407
00:17:26,400 --> 00:17:28,880
foot shown at the bottom.

408
00:17:28,880 --> 00:17:31,039
So this is the assessment information

409
00:17:31,039 --> 00:17:33,440
and property information used for the

410
00:17:33,440 --> 00:17:37,919
2025 assessment. So

411
00:17:37,919 --> 00:17:41,200
reflecting a value as of July 1, 2025,

412
00:17:41,200 --> 00:17:44,387
physical condition as of December 31st.

413
00:17:44,387 --> 00:17:46,630
[snorts]

414
00:17:46,640 --> 00:17:50,960
So page 10, uh this some pictures of 32

415
00:17:50,960 --> 00:17:53,120
sunrise place includes included for

416
00:17:53,120 --> 00:17:56,880
information. So top of page 32 is a a

417
00:17:56,880 --> 00:18:00,799
picture street side of 32 Sunrise Place

418
00:18:00,799 --> 00:18:03,520
shows the building with a single car

419
00:18:03,520 --> 00:18:05,520
garage. same as on the bottom just with

420
00:18:05,520 --> 00:18:08,799
a side view as well. The at the photo at

421
00:18:08,799 --> 00:18:12,000
the top of page 11 shows uh the suite

422
00:18:12,000 --> 00:18:13,919
from behind looking toward the front

423
00:18:13,919 --> 00:18:17,440
door. Uh at the bottom of page 11 shows

424
00:18:17,440 --> 00:18:20,559
the kitchen and the living area relative

425
00:18:20,559 --> 00:18:22,720
uh to each other.

426
00:18:22,720 --> 00:18:26,160
Page 12 shows a picture of the kitchen.

427
00:18:26,160 --> 00:18:28,240
Uh bottom of page 12 shows a kitchen

428
00:18:28,240 --> 00:18:33,110
from the living from the living room.

429
00:18:33,120 --> 00:18:37,520
at bottom at top of page 13 shows um the

430
00:18:37,520 --> 00:18:40,320
master suite and the bottom of page 13

431
00:18:40,320 --> 00:18:44,480
is the bedroom I mean the bathroom

432
00:18:44,480 --> 00:18:48,080
I believe that's the the on suite

433
00:18:48,080 --> 00:18:52,480
and on page top of page 14 we have the

434
00:18:52,480 --> 00:18:54,640
additional bathroom and then we have the

435
00:18:54,640 --> 00:18:59,270
laundry room at the bottom of page 14

436
00:18:59,280 --> 00:19:03,440
uh top of page 15 we show the back of um

437
00:19:03,440 --> 00:19:06,080
this unit and again just the back and

438
00:19:06,080 --> 00:19:07,520
the side of the unit on page the bottom

439
00:19:07,520 --> 00:19:10,193
of page 15.

440
00:19:10,193 --> 00:19:10,720
[clears throat]

441
00:19:10,720 --> 00:19:13,039
So um

442
00:19:13,039 --> 00:19:15,919
upon uh reviewing uh the inquiry from

443
00:19:15,919 --> 00:19:20,240
the owner uh regarding the suite um we

444
00:19:20,240 --> 00:19:22,559
were we were brought to our attention

445
00:19:22,559 --> 00:19:25,679
that we we needed to check the size of

446
00:19:25,679 --> 00:19:28,000
the unit relative to the sizes of the

447
00:19:28,000 --> 00:19:29,679
garage.

448
00:19:29,679 --> 00:19:31,600
Um for this for this particular

449
00:19:31,600 --> 00:19:34,400
development there are let me see I think

450
00:19:34,400 --> 00:19:40,720
there's one two one two three four five

451
00:19:40,720 --> 00:19:45,840
six seven condo plans so built-in stages

452
00:19:45,840 --> 00:19:49,120
and and uh we've were able to obtain the

453
00:19:49,120 --> 00:19:51,600
blueprints also.

454
00:19:51,600 --> 00:19:54,880
So up and across the top we've got the

455
00:19:54,880 --> 00:19:58,000
roll, the address, the legal. This is

456
00:19:58,000 --> 00:20:01,360
the condo plan total me squared. And

457
00:20:01,360 --> 00:20:04,480
then the in the pink area there that is

458
00:20:04,480 --> 00:20:07,039
the original garage size, original sweep

459
00:20:07,039 --> 00:20:10,160
size and original totals post that we

460
00:20:10,160 --> 00:20:12,240
used for the 2026

461
00:20:12,240 --> 00:20:16,799
assessment uh that was mailed. And then

462
00:20:16,799 --> 00:20:19,039
for the green areas, so the condo plan

463
00:20:19,039 --> 00:20:23,280
total, uh, that's the the total size.

464
00:20:23,280 --> 00:20:24,880
And then we have the amended garage

465
00:20:24,880 --> 00:20:26,559
size.

466
00:20:26,559 --> 00:20:29,919
And then the amended suite size. So the

467
00:20:29,919 --> 00:20:33,120
garages for these suites are not all

468
00:20:33,120 --> 00:20:34,720
identical. They're just a little bit

469
00:20:34,720 --> 00:20:37,679
different in some situations, but

470
00:20:37,679 --> 00:20:41,039
there's not much in it. So to do this

471
00:20:41,039 --> 00:20:43,200
proper, all the blueprints are pulled

472
00:20:43,200 --> 00:20:48,000
and we we've adjusted um the suite size

473
00:20:48,000 --> 00:20:50,480
and the grass size so that they're

474
00:20:50,480 --> 00:20:52,400
they're proper. The garages aren't all

475
00:20:52,400 --> 00:20:53,840
identical, but we looked at them all

476
00:20:53,840 --> 00:20:55,600
specifically and made the appropriate

477
00:20:55,600 --> 00:20:57,679
adjustment. So, there's quite a few

478
00:20:57,679 --> 00:20:59,520
sweets scenarios, but if we're going to

479
00:20:59,520 --> 00:21:02,559
do this for the for the um appeal, it's

480
00:21:02,559 --> 00:21:04,400
perfect opportunity to do it for the

481
00:21:04,400 --> 00:21:08,400
rest of for next year and make sure uh

482
00:21:08,400 --> 00:21:11,360
we start off with on on um for a clean

483
00:21:11,360 --> 00:21:13,760
slate next year. Again, this this

484
00:21:13,760 --> 00:21:16,320
development was built uh what's the

485
00:21:16,320 --> 00:21:18,000
original age?

486
00:21:18,000 --> 00:21:19,110
>> 2012, I believe.

487
00:21:19,110 --> 00:21:19,120
» 2012, I believe.

488
00:21:19,120 --> 00:21:20,630
>> 2012.

489
00:21:20,630 --> 00:21:20,640
» 2012.

490
00:21:20,640 --> 00:21:24,080
So in back in the day back, you know,

491
00:21:24,080 --> 00:21:26,159
there are different ways to do to do uh

492
00:21:26,159 --> 00:21:28,080
assess condos.

493
00:21:28,080 --> 00:21:31,760
Uh we typically we use a schedule. I

494
00:21:31,760 --> 00:21:33,200
don't have any of the condo plans

495
00:21:33,200 --> 00:21:35,440
printed, but typically on a condo plan,

496
00:21:35,440 --> 00:21:37,760
it comes with a schedule of sizes for

497
00:21:37,760 --> 00:21:40,159
the condo plan and it just shows a

498
00:21:40,159 --> 00:21:42,480
footprint and it doesn't show where the

499
00:21:42,480 --> 00:21:45,280
garage walls are. Like it could be it

500
00:21:45,280 --> 00:21:47,600
could be anywhere. So that's why we had

501
00:21:47,600 --> 00:21:50,320
to refer to the blueprints to make sure

502
00:21:50,320 --> 00:21:53,280
that we we get the size of the suite

503
00:21:53,280 --> 00:21:56,159
proper because the garage isn't such a

504
00:21:56,159 --> 00:21:57,840
big deal cuz it's just a garage. It

505
00:21:57,840 --> 00:21:59,120
doesn't have a great value per square

506
00:21:59,120 --> 00:22:01,760
foot. But for the suite, we we're

507
00:22:01,760 --> 00:22:03,520
showing that the we're showing a value

508
00:22:03,520 --> 00:22:06,480
in the 400 $400 range a square foot. So

509
00:22:06,480 --> 00:22:09,520
for out five 10 or 15 square ft makes a

510
00:22:09,520 --> 00:22:11,760
significant difference. So it's really

511
00:22:11,760 --> 00:22:13,840
important to get that get the sizes

512
00:22:13,840 --> 00:22:16,159
correct especially for the suite. So,

513
00:22:16,159 --> 00:22:17,840
we've been through each of these. We've

514
00:22:17,840 --> 00:22:20,799
we've we've gleaned the blueprints to

515
00:22:20,799 --> 00:22:22,400
make sure these sizes are correct. I'd

516
00:22:22,400 --> 00:22:24,960
be happy to talk if if if uh the

517
00:22:24,960 --> 00:22:26,320
complainant has any questions about

518
00:22:26,320 --> 00:22:28,799
sizes down the road. Happy to or anybody

519
00:22:28,799 --> 00:22:31,039
has questions about how those sizes are

520
00:22:31,039 --> 00:22:32,720
determined. We can happy to happy to

521
00:22:32,720 --> 00:22:34,400
review that with them as well. But we

522
00:22:34,400 --> 00:22:36,080
did our due diligence to make sure we're

523
00:22:36,080 --> 00:22:37,600
starting on a clean slate here,

524
00:22:37,600 --> 00:22:38,799
especially if we're talking about an

525
00:22:38,799 --> 00:22:40,960
amended assessment.

526
00:22:40,960 --> 00:22:42,799
Foundation of assessment is having

527
00:22:42,799 --> 00:22:44,880
correct data. So we always endeavor to

528
00:22:44,880 --> 00:22:47,200
do to do that uh to the best of our

529
00:22:47,200 --> 00:22:49,039
ability.

530
00:22:49,039 --> 00:22:52,240
So So just to show you then for number

531
00:22:52,240 --> 00:22:56,080
38 Sunrise Place the overall condo the

532
00:22:56,080 --> 00:22:59,120
overall size didn't change but the but

533
00:22:59,120 --> 00:23:01,200
the this slightly changed the garage the

534
00:23:01,200 --> 00:23:04,480
suite went from 1,60 to,62

535
00:23:04,480 --> 00:23:07,200
the garage went from 274 to 273 for

536
00:23:07,200 --> 00:23:10,480
number 38. For number 64, the overall

537
00:23:10,480 --> 00:23:13,039
size didn't change, but the size of the

538
00:23:13,039 --> 00:23:16,720
suite did. It would change from 1334

539
00:23:16,720 --> 00:23:20,640
uh square feet to 1049 and the garage

540
00:23:20,640 --> 00:23:25,200
changed from 262 to 286. So number 64

541
00:23:25,200 --> 00:23:30,950
changed quite a bit, but not for 38.

542
00:23:30,960 --> 00:23:34,960
Uh on page 17, this gives shows the

543
00:23:34,960 --> 00:23:38,320
salient facts as were presented before.

544
00:23:38,320 --> 00:23:41,280
showing the original 2025 assessment and

545
00:23:41,280 --> 00:23:43,039
the respective suite and garage sizes

546
00:23:43,039 --> 00:23:45,760
for each of those in that that case and

547
00:23:45,760 --> 00:23:48,159
the assessment. And then highlighted in

548
00:23:48,159 --> 00:23:51,200
red at the bottom of this of the of this

549
00:23:51,200 --> 00:23:53,840
uh information is the amended size of

550
00:23:53,840 --> 00:23:56,400
the suite and the garage

551
00:23:56,400 --> 00:24:00,080
for an amended uh total assessment for

552
00:24:00,080 --> 00:24:04,000
421300 for number 38

553
00:24:04,000 --> 00:24:07,760
and 418400 for number 64. So the

554
00:24:07,760 --> 00:24:10,880
respective value per square foot is 3.97

555
00:24:10,880 --> 00:24:14,400
a square foot for number 38 and 399 for

556
00:24:14,400 --> 00:24:19,269
number 64.

557
00:24:19,279 --> 00:24:22,080
So the following pages so pages 18

558
00:24:22,080 --> 00:24:24,596
through to [cough]

559
00:24:24,596 --> 00:24:26,000
[snorts and clears throat] 22 is

560
00:24:26,000 --> 00:24:28,320
legislation specific to assessment. The

561
00:24:28,320 --> 00:24:30,640
process of assessment is fairly heavily

562
00:24:30,640 --> 00:24:34,080
regulated and for good reason. um to

563
00:24:34,080 --> 00:24:35,840
make sure the assessments are calculated

564
00:24:35,840 --> 00:24:38,159
consistently not only within the town

565
00:24:38,159 --> 00:24:40,159
high river and following legislation but

566
00:24:40,159 --> 00:24:42,320
throughout the province. [snorts] Uh

567
00:24:42,320 --> 00:24:46,159
some of the main um uh items that we we

568
00:24:46,159 --> 00:24:48,240
touched upon today would be uh the

569
00:24:48,240 --> 00:24:50,640
second uh

570
00:24:50,640 --> 00:24:53,520
uh item on page 16 from the top. It

571
00:24:53,520 --> 00:24:55,600
reflects that that the assessment must

572
00:24:55,600 --> 00:24:57,360
reflect the condition of the property as

573
00:24:57,360 --> 00:24:59,840
of December 31st.

574
00:24:59,840 --> 00:25:02,320
Um the second column from second row

575
00:25:02,320 --> 00:25:05,039
from the bottom market value is our is

576
00:25:05,039 --> 00:25:06,400
our the standard with which the

577
00:25:06,400 --> 00:25:09,520
assessments have to adhere to. Um market

578
00:25:09,520 --> 00:25:12,559
value is defined as as what might be

579
00:25:12,559 --> 00:25:14,720
expected to the what might be expected

580
00:25:14,720 --> 00:25:16,480
to realize if a property is sold on the

581
00:25:16,480 --> 00:25:18,480
open market by a willing [clears throat]

582
00:25:18,480 --> 00:25:21,279
seller to a willing buyer. And at the

583
00:25:21,279 --> 00:25:23,840
bottom of this page, a pro an assessment

584
00:25:23,840 --> 00:25:26,159
of a property based on market value for

585
00:25:26,159 --> 00:25:28,880
assessment purposes must be prepared

586
00:25:28,880 --> 00:25:31,520
using mass appraisal. Must be an

587
00:25:31,520 --> 00:25:32,960
estimate of the value of the fee simple

588
00:25:32,960 --> 00:25:35,760
estate in a property and must reflect

589
00:25:35,760 --> 00:25:38,159
typical market conditions for properties

590
00:25:38,159 --> 00:25:40,320
similar to that property not identical

591
00:25:40,320 --> 00:25:42,000
to the property but similar to the

592
00:25:42,000 --> 00:25:45,029
property.

593
00:25:45,039 --> 00:25:47,600
Um the process of assessment use is um

594
00:25:47,600 --> 00:25:49,520
mass appraisal.

595
00:25:49,520 --> 00:25:51,200
So which means the process of preparing

596
00:25:51,200 --> 00:25:52,720
assessment for a group of properties

597
00:25:52,720 --> 00:25:54,720
using standard methods methods and

598
00:25:54,720 --> 00:25:56,640
common data and allowing for statistical

599
00:25:56,640 --> 00:25:59,120
testing. So an assessment of property

600
00:25:59,120 --> 00:26:01,279
for market value which is the discussion

601
00:26:01,279 --> 00:26:04,320
of this appeal today. The assessment

602
00:26:04,320 --> 00:26:08,080
prepared for the 2025 assessment and in

603
00:26:08,080 --> 00:26:10,720
the in the amended assessment proposed

604
00:26:10,720 --> 00:26:14,080
is prepared um based on property market

605
00:26:14,080 --> 00:26:17,919
value using mass appraisal not actual

606
00:26:17,919 --> 00:26:20,720
sales or pinpointed values but it's

607
00:26:20,720 --> 00:26:23,760
prepared using mass appraisal and the fe

608
00:26:23,760 --> 00:26:26,559
simplest state of property and must

609
00:26:26,559 --> 00:26:28,559
reflect typical market conditions

610
00:26:28,559 --> 00:26:30,880
similar to the property. So the

611
00:26:30,880 --> 00:26:33,520
assessment is in every case for the

612
00:26:33,520 --> 00:26:36,559
models is always the model is represents

613
00:26:36,559 --> 00:26:43,029
the value for a group of properties.

614
00:26:43,039 --> 00:26:44,880
Uh the quality standards are required to

615
00:26:44,880 --> 00:26:47,679
adhere to as it's a third row from the

616
00:26:47,679 --> 00:26:50,159
bottom. Uh very heavily regulated. These

617
00:26:50,159 --> 00:26:52,000
quality standards must be met when we

618
00:26:52,000 --> 00:26:54,640
submit uh the assessment information to

619
00:26:54,640 --> 00:26:58,960
the prop to the province. on

620
00:26:58,960 --> 00:27:01,039
page.

621
00:27:01,039 --> 00:27:07,269
Uh it doesn't say that just a minute.

622
00:27:07,279 --> 00:27:11,279
Um I can't find it, but it says um uh

623
00:27:11,279 --> 00:27:13,760
models must be met and must and it's a

624
00:27:13,760 --> 00:27:16,240
statistical test. So the statistical

625
00:27:16,240 --> 00:27:18,240
test for residential assessments must be

626
00:27:18,240 --> 00:27:24,400
between 0.95 and 1.05 or 95 to 105%.

627
00:27:24,400 --> 00:27:26,559
So the valuation model for a group of

628
00:27:26,559 --> 00:27:29,840
properties must the sales a sales to

629
00:27:29,840 --> 00:27:32,159
assessment ratio median sales to

630
00:27:32,159 --> 00:27:34,799
assessment ratio for

631
00:27:34,799 --> 00:27:36,799
uh for the assessments in that group

632
00:27:36,799 --> 00:27:45,750
must be within that quality range.

633
00:27:45,760 --> 00:27:48,720
It's a minute and there is at the top.

634
00:27:48,720 --> 00:27:51,039
So the valuation date, this is also an

635
00:27:51,039 --> 00:27:53,600
important uh point that any assessment

636
00:27:53,600 --> 00:27:55,200
prepared in accordance with the act must

637
00:27:55,200 --> 00:27:56,399
be an estimate of the value of a

638
00:27:56,399 --> 00:27:58,559
property on July one of the of the

639
00:27:58,559 --> 00:28:00,159
assessment year. So that's the year

640
00:28:00,159 --> 00:28:03,360
before the tax year and that's July 1,

641
00:28:03,360 --> 00:28:06,000
2025.

642
00:28:06,000 --> 00:28:07,600
And that's different from an an

643
00:28:07,600 --> 00:28:09,039
appraisal too because the appraisal can

644
00:28:09,039 --> 00:28:11,520
be any specific date. But for assessment

645
00:28:11,520 --> 00:28:13,679
is always July 1 of the year before the

646
00:28:13,679 --> 00:28:17,269
tax year.

647
00:28:17,279 --> 00:28:20,799
Just turning to page 23. Uh just to just

648
00:28:20,799 --> 00:28:22,559
explain at the top data collection and

649
00:28:22,559 --> 00:28:24,960
verification that every every

650
00:28:24,960 --> 00:28:27,039
municipality in Alberta following

651
00:28:27,039 --> 00:28:30,480
regulations must must review and and um

652
00:28:30,480 --> 00:28:32,720
the assessments of properties in a town

653
00:28:32,720 --> 00:28:35,840
every 5 years just to make sure we um we

654
00:28:35,840 --> 00:28:38,000
keep on top of any property changes,

655
00:28:38,000 --> 00:28:40,240
renovations or permitted development.

656
00:28:40,240 --> 00:28:42,480
That's so there's a reinspection cycle

657
00:28:42,480 --> 00:28:44,960
that helps to make sure that we the data

658
00:28:44,960 --> 00:28:47,039
is up to date and correct. Then just the

659
00:28:47,039 --> 00:28:48,960
bottom part there is just assumptions

660
00:28:48,960 --> 00:28:52,630
and limiting conditions. [clears throat]

661
00:28:52,640 --> 00:28:55,600
On page 24 speaks to the portions to

662
00:28:55,600 --> 00:28:58,720
value for residential assessments. The

663
00:28:58,720 --> 00:29:00,880
appropriate assessment method is a

664
00:29:00,880 --> 00:29:02,960
direct comparison approach or sometimes

665
00:29:02,960 --> 00:29:05,760
called the sales comparison approach.

666
00:29:05,760 --> 00:29:07,840
It's defined as for the for the

667
00:29:07,840 --> 00:29:09,600
valuation of residential properties in

668
00:29:09,600 --> 00:29:11,919
high river. The direct comparison

669
00:29:11,919 --> 00:29:13,919
approach is used. This method of

670
00:29:13,919 --> 00:29:16,240
valuation determines a property's value

671
00:29:16,240 --> 00:29:18,960
by comparing it to similar recently sold

672
00:29:18,960 --> 00:29:21,840
properties in the same geographic area.

673
00:29:21,840 --> 00:29:24,080
Again, it says similar properties, not

674
00:29:24,080 --> 00:29:28,470
identical properties.

675
00:29:28,480 --> 00:29:32,240
So, um, page 25 speaks to the difference

676
00:29:32,240 --> 00:29:34,559
between single property appraisal and

677
00:29:34,559 --> 00:29:37,279
mass appraisal. So, single property

678
00:29:37,279 --> 00:29:40,559
appraisal is a valuation of one property

679
00:29:40,559 --> 00:29:43,039
for many different purposes.

680
00:29:43,039 --> 00:29:45,360
It uses the valuation the valuation date

681
00:29:45,360 --> 00:29:48,240
is determined by the appraiser. So it

682
00:29:48,240 --> 00:29:51,200
could be any date.

683
00:29:51,200 --> 00:29:53,840
Uh typically in an appraisal uh three to

684
00:29:53,840 --> 00:29:56,799
five comparable sales are reviewed as

685
00:29:56,799 --> 00:29:59,520
close in location, style, quality and

686
00:29:59,520 --> 00:30:00,960
construction to the subject property as

687
00:30:00,960 --> 00:30:02,960
possible to arrive at an estimate of

688
00:30:02,960 --> 00:30:06,960
value based on those comparables used.

689
00:30:06,960 --> 00:30:10,799
Uh so it's different to mass appraisal.

690
00:30:10,799 --> 00:30:13,120
A mass mass appraisal is a valuation of

691
00:30:13,120 --> 00:30:15,679
an entire group of property for taxation

692
00:30:15,679 --> 00:30:17,279
purposes.

693
00:30:17,279 --> 00:30:20,559
The valuation date is July 1st condition

694
00:30:20,559 --> 00:30:23,520
um [snorts] July the 1st with the

695
00:30:23,520 --> 00:30:26,159
condition of the property uh as of

696
00:30:26,159 --> 00:30:28,080
December 31st in the year preceding the

697
00:30:28,080 --> 00:30:29,919
tax year.

698
00:30:29,919 --> 00:30:32,240
Evaluation models is developed for each

699
00:30:32,240 --> 00:30:34,880
property group with similar style and

700
00:30:34,880 --> 00:30:37,120
quality of construction.

701
00:30:37,120 --> 00:30:39,120
An equitable and consistent estimate of

702
00:30:39,120 --> 00:30:42,399
values derived for each property group

703
00:30:42,399 --> 00:30:44,399
value valuation model is statistically

704
00:30:44,399 --> 00:30:46,000
tested for accuracy there. That's what I

705
00:30:46,000 --> 00:30:48,320
want was looking for. And after meeting

706
00:30:48,320 --> 00:30:50,000
required provincial qualities testing is

707
00:30:50,000 --> 00:30:52,159
submitted to ASID. So acid is the

708
00:30:52,159 --> 00:30:56,480
overlying umbrella in Alberta um through

709
00:30:56,480 --> 00:30:59,039
municipal affairs and it must pass those

710
00:30:59,039 --> 00:31:02,080
quality standards before and to be to be

711
00:31:02,080 --> 00:31:05,840
um to go through two stages of audit and

712
00:31:05,840 --> 00:31:08,559
uh then town can be approved to use that

713
00:31:08,559 --> 00:31:12,640
assessment for the assessment notices.

714
00:31:12,640 --> 00:31:15,520
on page 26 is just an explanation of the

715
00:31:15,520 --> 00:31:18,159
mass appraisal process.

716
00:31:18,159 --> 00:31:20,799
Um how how the how the assessment models

717
00:31:20,799 --> 00:31:23,279
are tested is to take the assessment

718
00:31:23,279 --> 00:31:25,200
divided by a selling price and that

719
00:31:25,200 --> 00:31:26,880
gives us an assessment to sales ratio

720
00:31:26,880 --> 00:31:30,399
which we we call as the ASR.

721
00:31:30,399 --> 00:31:32,080
So through the stratification of similar

722
00:31:32,080 --> 00:31:34,720
properties and the respective sales

723
00:31:34,720 --> 00:31:36,640
value models are developed with the

724
00:31:36,640 --> 00:31:38,320
resulting assessed values being required

725
00:31:38,320 --> 00:31:40,960
to meet that regulated quality standard

726
00:31:40,960 --> 00:31:45,360
of 0.9 of 95% to 105%.

727
00:31:45,360 --> 00:31:48,480
Typically um [clears throat] in the town

728
00:31:48,480 --> 00:31:51,919
high river we usually aim for 98%. If we

729
00:31:51,919 --> 00:31:54,960
if we if we go for the 95% it's really

730
00:31:54,960 --> 00:31:57,919
close uh to the bottom of the valuation

731
00:31:57,919 --> 00:32:00,960
scale and it it doesn't really matter so

732
00:32:00,960 --> 00:32:02,880
long as it's a consistent process. We

733
00:32:02,880 --> 00:32:05,919
could develop an assessment at 105% and

734
00:32:05,919 --> 00:32:07,840
for the distribution of the taxes for

735
00:32:07,840 --> 00:32:10,080
assessment purposes the taxes wouldn't

736
00:32:10,080 --> 00:32:12,240
change because the level of assessment

737
00:32:12,240 --> 00:32:14,240
remains consistent.

738
00:32:14,240 --> 00:32:16,720
But we always go and it's if we all go

739
00:32:16,720 --> 00:32:19,760
for 98% if we went for 100% it's a

740
00:32:19,760 --> 00:32:23,919
harder assessment to to present.

741
00:32:23,919 --> 00:32:28,080
So in High River from December uh from

742
00:32:28,080 --> 00:32:31,360
as of December 31st, 2025

743
00:32:31,360 --> 00:32:34,720
of the 300 1324 condo properties in

744
00:32:34,720 --> 00:32:39,200
town, there were 381 sales from July

745
00:32:39,200 --> 00:32:40,880
1,22

746
00:32:40,880 --> 00:32:44,159
to well June, yeah, July 1, 2022 to June

747
00:32:44,159 --> 00:32:46,799
30th, 2025.

748
00:32:46,799 --> 00:32:49,840
So this is all of the condo sales. This

749
00:32:49,840 --> 00:32:52,399
is just showing us an example of how the

750
00:32:52,399 --> 00:32:54,799
assessment will look and how this how

751
00:32:54,799 --> 00:32:57,919
meets quality standard.

752
00:32:57,919 --> 00:32:59,760
These sales were verified as suitable

753
00:32:59,760 --> 00:33:01,760
indicators of value with respective

754
00:33:01,760 --> 00:33:03,440
valuation models being developed and

755
00:33:03,440 --> 00:33:05,600
statistically tested with the overall

756
00:33:05,600 --> 00:33:07,600
results as follows.

757
00:33:07,600 --> 00:33:10,320
Each of the red bars below represents a

758
00:33:10,320 --> 00:33:12,320
respective assessment divided by a

759
00:33:12,320 --> 00:33:15,679
selling price of each sale with the

760
00:33:15,679 --> 00:33:18,000
overall ASR shown with the yellow arrow

761
00:33:18,000 --> 00:33:22,240
there uh at 90 98.1%

762
00:33:22,240 --> 00:33:23,760
mean required provincial quality

763
00:33:23,760 --> 00:33:26,399
standard. Now this these sales are all

764
00:33:26,399 --> 00:33:31,600
the condos. So 1324 condos 381 sales

765
00:33:31,600 --> 00:33:33,919
these all these sales represent all the

766
00:33:33,919 --> 00:33:36,320
groups. It's just shown here is to show

767
00:33:36,320 --> 00:33:39,279
you how the the model process works.

768
00:33:39,279 --> 00:33:40,799
This is this is not how we developed the

769
00:33:40,799 --> 00:33:43,200
model. It's just illustrative.

770
00:33:43,200 --> 00:33:46,240
But it does show that for all all of the

771
00:33:46,240 --> 00:33:48,399
con all of those sales from each of the

772
00:33:48,399 --> 00:33:51,600
respective model groups, it still it

773
00:33:51,600 --> 00:33:54,399
meets a quality standard.

774
00:33:54,399 --> 00:33:57,440
On page 27 on the table at the top of

775
00:33:57,440 --> 00:34:00,559
the page, the title titled ratio versus

776
00:34:00,559 --> 00:34:03,840
adjusted selling price. The line the

777
00:34:03,840 --> 00:34:06,320
purple line there is represents the

778
00:34:06,320 --> 00:34:09,359
assessment at 98%. You'll see there are

779
00:34:09,359 --> 00:34:12,079
the distribution of the sales which is

780
00:34:12,079 --> 00:34:14,079
each of these red dots represents the

781
00:34:14,079 --> 00:34:17,200
assessment divided by a selling price of

782
00:34:17,200 --> 00:34:20,560
each of the three each of the 381 sales.

783
00:34:20,560 --> 00:34:22,320
So it shows a distribution of those

784
00:34:22,320 --> 00:34:24,800
sales around the assessment.

785
00:34:24,800 --> 00:34:27,679
So that's what mass appraisal is is

786
00:34:27,679 --> 00:34:30,800
intended to show or develop a value

787
00:34:30,800 --> 00:34:32,720
model that re represents a typical

788
00:34:32,720 --> 00:34:35,440
market or we call that the median market

789
00:34:35,440 --> 00:34:37,919
the middle of the market. So obviously

790
00:34:37,919 --> 00:34:40,240
some assessments will be higher than the

791
00:34:40,240 --> 00:34:41,760
higher than the selling price and some

792
00:34:41,760 --> 00:34:43,520
will be lower but the assessment

793
00:34:43,520 --> 00:34:46,399
reflects the middle of the market

794
00:34:46,399 --> 00:34:47,919
and the table at the bottom just shows

795
00:34:47,919 --> 00:34:49,200
the relationship between the assessment

796
00:34:49,200 --> 00:34:51,919
and the selling price. And then the the

797
00:34:51,919 --> 00:34:54,399
the width the width of the distribution

798
00:34:54,399 --> 00:34:56,480
those red dots is called the coefficient

799
00:34:56,480 --> 00:34:58,960
of dispersion. It just shows that the

800
00:34:58,960 --> 00:35:00,960
range and actually that's a really

801
00:35:00,960 --> 00:35:03,599
important point to make because the

802
00:35:03,599 --> 00:35:06,160
assessment represents a range of value

803
00:35:06,160 --> 00:35:09,680
not the value. So that's so for

804
00:35:09,680 --> 00:35:13,119
assessment purposes the maximum cood can

805
00:35:13,119 --> 00:35:16,320
be 15. That's quite a widespread. So

806
00:35:16,320 --> 00:35:18,560
regulation states for for this kind of

807
00:35:18,560 --> 00:35:22,240
assessment should be about 8.

808
00:35:22,240 --> 00:35:24,320
So it's a fairly tight range. But that

809
00:35:24,320 --> 00:35:28,240
said, we're required to be within 95 and

810
00:35:28,240 --> 00:35:31,040
105. So that's a range. And then within

811
00:35:31,040 --> 00:35:34,640
each group, there's also a range. So

812
00:35:34,640 --> 00:35:37,200
when references are made to a specific

813
00:35:37,200 --> 00:35:40,800
sale at a specific time, it's just one

814
00:35:40,800 --> 00:35:44,400
sale within a range. It doesn't refresh.

815
00:35:44,400 --> 00:35:46,720
If the sale is higher lower than the

816
00:35:46,720 --> 00:35:49,839
assessment, well, it's a range and we

817
00:35:49,839 --> 00:35:51,200
need to calculate when you have a number

818
00:35:51,200 --> 00:35:53,680
of sales, you can find out where it is.

819
00:35:53,680 --> 00:35:56,880
But you've only got one sale does we

820
00:35:56,880 --> 00:35:58,320
don't know where it is in the range. So

821
00:35:58,320 --> 00:36:00,160
we can only assume that it's in the

822
00:36:00,160 --> 00:36:02,720
range. But when we build the models, we

823
00:36:02,720 --> 00:36:05,760
include all the sales. So it with the

824
00:36:05,760 --> 00:36:08,400
assessment reflecting the middle. So one

825
00:36:08,400 --> 00:36:11,359
sale doesn't reflect a model is not we

826
00:36:11,359 --> 00:36:15,599
we can't use one sale for a model

827
00:36:15,599 --> 00:36:18,400
even if even if uh there is only one

828
00:36:18,400 --> 00:36:21,760
sale whether it's a residential group or

829
00:36:21,760 --> 00:36:24,240
condo group or non-res one sale doesn't

830
00:36:24,240 --> 00:36:26,800
make a market it's a it gives you an

831
00:36:26,800 --> 00:36:30,320
idea where where it might sit but for

832
00:36:30,320 --> 00:36:32,880
mass appraisal process we're required to

833
00:36:32,880 --> 00:36:35,200
model everything by by range and it's

834
00:36:35,200 --> 00:36:37,680
statistically tested that's just what we

835
00:36:37,680 --> 00:36:40,640
So all properties in town.

836
00:36:40,640 --> 00:36:42,800
So on page 28

837
00:36:42,800 --> 00:36:45,280
um because the valuation date is July 1,

838
00:36:45,280 --> 00:36:47,200
2025.

839
00:36:47,200 --> 00:36:52,400
So sales because we use a range of sales

840
00:36:52,400 --> 00:36:55,040
in the for instance city of Calgary or

841
00:36:55,040 --> 00:36:57,359
even Cochran or Edri they'll use just

842
00:36:57,359 --> 00:36:59,520
one year's worth of sales because they

843
00:36:59,520 --> 00:37:01,440
got loads of sales because hundreds of

844
00:37:01,440 --> 00:37:04,400
sales but in a small town like how river

845
00:37:04,400 --> 00:37:06,320
we still struggle with getting enough

846
00:37:06,320 --> 00:37:08,960
sales of of certain groups right the

847
00:37:08,960 --> 00:37:10,640
more sales we have the more confidence

848
00:37:10,640 --> 00:37:14,800
we have in in in the um appropriate

849
00:37:14,800 --> 00:37:17,280
value value range of of specific

850
00:37:17,280 --> 00:37:20,400
property types. So this graph included

851
00:37:20,400 --> 00:37:23,280
on page 28, this is what we call our

852
00:37:23,280 --> 00:37:25,599
time adjust. It's just a graphical

853
00:37:25,599 --> 00:37:28,240
representation of the change in value

854
00:37:28,240 --> 00:37:31,119
over time specifically for condos from

855
00:37:31,119 --> 00:37:35,680
July 2022 to June 2025.

856
00:37:35,680 --> 00:37:39,359
So obviously up to 2023 the the market's

857
00:37:39,359 --> 00:37:43,440
pretty flat. or postcoid but from 2023

858
00:37:43,440 --> 00:37:45,440
through these these different time

859
00:37:45,440 --> 00:37:47,599
periods the markets increased and it

860
00:37:47,599 --> 00:37:51,760
kind of tapered off in December 24.

861
00:37:51,760 --> 00:37:53,839
So this is developed it's it's a method

862
00:37:53,839 --> 00:37:58,079
that we used it's uh from similar so the

863
00:37:58,079 --> 00:38:00,000
same property that sells twice or

864
00:38:00,000 --> 00:38:02,079
similar properties that sell twice

865
00:38:02,079 --> 00:38:04,560
during that time period. So it's a very

866
00:38:04,560 --> 00:38:07,599
it's a very uh stringent process to

867
00:38:07,599 --> 00:38:09,040
develop the time adjustment. is actually

868
00:38:09,040 --> 00:38:11,280
audited by the provincial government and

869
00:38:11,280 --> 00:38:13,200
has to be approved before we can use it

870
00:38:13,200 --> 00:38:15,920
for valuation purposes. So as we're

871
00:38:15,920 --> 00:38:17,280
going through this presentation, you'll

872
00:38:17,280 --> 00:38:19,599
hear us talk about the selling price and

873
00:38:19,599 --> 00:38:22,160
then the time adjusted selling price. So

874
00:38:22,160 --> 00:38:25,280
a property sells say in January 2024,

875
00:38:25,280 --> 00:38:27,359
that's the selling price and then the

876
00:38:27,359 --> 00:38:29,520
distance between the top of that graph

877
00:38:29,520 --> 00:38:33,200
and the red line is the adjustment. So

878
00:38:33,200 --> 00:38:36,320
all sales when how whenever they occur

879
00:38:36,320 --> 00:38:39,200
along this line they are all adjusted in

880
00:38:39,200 --> 00:38:41,200
the in the same manner using a

881
00:38:41,200 --> 00:38:44,000
consistent method.

882
00:38:44,000 --> 00:38:45,920
And an important note the time

883
00:38:45,920 --> 00:38:47,839
adjustment is determined before the

884
00:38:47,839 --> 00:38:50,720
determination of each specific model. So

885
00:38:50,720 --> 00:38:53,680
this isn't the modeling process. This

886
00:38:53,680 --> 00:38:58,320
just ch this just suggests the the

887
00:38:58,320 --> 00:39:00,880
selling price the the change in value

888
00:39:00,880 --> 00:39:04,400
over time. That's what this does.

889
00:39:04,400 --> 00:39:07,440
So on page 29, this is we when we submit

890
00:39:07,440 --> 00:39:10,640
our um assessment role to the provision

891
00:39:10,640 --> 00:39:12,000
government through assets. This is to

892
00:39:12,000 --> 00:39:14,240
Alberta Municipal Affairs. It has to

893
00:39:14,240 --> 00:39:16,640
pass two stages of audit to meet the

894
00:39:16,640 --> 00:39:18,160
quality standards as previously

895
00:39:18,160 --> 00:39:19,680
mentioned.

896
00:39:19,680 --> 00:39:22,960
So we're talking about the residential

897
00:39:22,960 --> 00:39:25,520
uh quality standard. So our overall

898
00:39:25,520 --> 00:39:28,000
residential quality standard is uh that

899
00:39:28,000 --> 00:39:31,599
we met is 98.4%. So it passes the

900
00:39:31,599 --> 00:39:34,720
required standard for audit and this is

901
00:39:34,720 --> 00:39:36,240
once was actually signed off by audit

902
00:39:36,240 --> 00:39:39,280
here at April 13th 2026 Michael Lavager

903
00:39:39,280 --> 00:39:43,920
being our our auditor at that time.

904
00:39:43,920 --> 00:39:47,200
So on page 30

905
00:39:47,200 --> 00:39:51,280
um in a review of the assessments in um

906
00:39:51,280 --> 00:39:54,480
Sunrise Place uh with the complainant

907
00:39:54,480 --> 00:39:58,800
and um uh and reviewing all of those

908
00:39:58,800 --> 00:40:02,240
properties and correcting the sizes

909
00:40:02,240 --> 00:40:04,800
um it made us aware of like typically

910
00:40:04,800 --> 00:40:07,680
for condos we'll develop models specific

911
00:40:07,680 --> 00:40:10,000
to each condo. So Sunrise Place would

912
00:40:10,000 --> 00:40:12,320
have its own model. Sunrise Crescent

913
00:40:12,320 --> 00:40:14,079
would have its own valley model and so

914
00:40:14,079 --> 00:40:16,400
would Sunvil Place.

915
00:40:16,400 --> 00:40:20,640
But uh other appeals and the information

916
00:40:20,640 --> 00:40:23,680
brought up by by Paul the complainant

917
00:40:23,680 --> 00:40:26,960
has brought to light that these these

918
00:40:26,960 --> 00:40:30,079
three uh condo developments Sunville

919
00:40:30,079 --> 00:40:34,320
Place, Sunville Crescent, and Sunrise

920
00:40:34,320 --> 00:40:37,119
um with the with with condors as we've

921
00:40:37,119 --> 00:40:39,040
described for Sunrise Place with the

922
00:40:39,040 --> 00:40:43,440
pictures shown on pages 10 through 15,

923
00:40:43,440 --> 00:40:45,520
they're very similar. They're they're

924
00:40:45,520 --> 00:40:47,760
about 1,030,60

925
00:40:47,760 --> 00:40:50,400
ft² with a single car garage and they're

926
00:40:50,400 --> 00:40:53,040
very they're very much the same.

927
00:40:53,040 --> 00:40:55,760
So in the review of these condo

928
00:40:55,760 --> 00:40:57,760
developments with the property owners

929
00:40:57,760 --> 00:40:59,680
through the inquiry period through this

930
00:40:59,680 --> 00:41:01,760
appeal process

931
00:41:01,760 --> 00:41:04,240
um it seemed appropriate to combine

932
00:41:04,240 --> 00:41:07,280
these three condo communities into one

933
00:41:07,280 --> 00:41:09,200
value model

934
00:41:09,200 --> 00:41:14,079
when by doing so we've we now have um

935
00:41:14,079 --> 00:41:17,520
there's 20 23 sales of units similar to

936
00:41:17,520 --> 00:41:19,760
the subject property or the two subject

937
00:41:19,760 --> 00:41:21,280
properties.

938
00:41:21,280 --> 00:41:26,640
Um so these 23 hills represent 29% of 79

939
00:41:26,640 --> 00:41:28,640
similar properties within these three

940
00:41:28,640 --> 00:41:31,280
communities and these are shown below.

941
00:41:31,280 --> 00:41:34,560
So all the 29 these 23 sales are shown

942
00:41:34,560 --> 00:41:38,960
by those the red respective red bars uh

943
00:41:38,960 --> 00:41:40,720
representing the assessment to sales

944
00:41:40,720 --> 00:41:42,240
ratio

945
00:41:42,240 --> 00:41:45,520
with the overall result being 96.8%.

946
00:41:45,520 --> 00:41:48,000
So this value model passes quality

947
00:41:48,000 --> 00:41:49,839
standard.

948
00:41:49,839 --> 00:41:52,319
So the amended assessments as proposed

949
00:41:52,319 --> 00:41:55,119
is determined from the correction of the

950
00:41:55,119 --> 00:41:58,800
sizes and the re rerunning of the model

951
00:41:58,800 --> 00:42:02,480
using all three communities.

952
00:42:02,480 --> 00:42:05,680
And it's the the assessor our our it's

953
00:42:05,680 --> 00:42:10,400
our um not belief but it we believe the

954
00:42:10,400 --> 00:42:13,599
the assessment is better representation

955
00:42:13,599 --> 00:42:16,319
now in communicating with the

956
00:42:16,319 --> 00:42:18,720
complainant and other inquiries. This is

957
00:42:18,720 --> 00:42:20,960
more representative of the of the market

958
00:42:20,960 --> 00:42:24,319
of these properties.

959
00:42:24,319 --> 00:42:26,960
Um on page 31 it just shows the

960
00:42:26,960 --> 00:42:29,440
dispersion of the respective sales. So

961
00:42:29,440 --> 00:42:33,119
that that red line rep is about 96%.

962
00:42:33,119 --> 00:42:36,720
So of those 29 sales some are above the

963
00:42:36,720 --> 00:42:40,790
assessment and some are below.

964
00:42:40,800 --> 00:42:42,319
So the development and use of the value

965
00:42:42,319 --> 00:42:43,839
model of these similar properties within

966
00:42:43,839 --> 00:42:45,359
these communities results in a

967
00:42:45,359 --> 00:42:47,839
consistent and equitable assessment and

968
00:42:47,839 --> 00:42:51,599
also meeting required quality standards.

969
00:42:51,599 --> 00:42:54,319
So on page 32

970
00:42:54,319 --> 00:42:56,319
this shows

971
00:42:56,319 --> 00:42:59,760
uh all of the sales within that we have

972
00:42:59,760 --> 00:43:04,640
from July 122 to June 30th 25 in sunrise

973
00:43:04,640 --> 00:43:09,599
place. So there are nine altogether.

974
00:43:09,599 --> 00:43:13,200
So we'll just pick that top one. Um he'd

975
00:43:13,200 --> 00:43:16,400
sold 17th of April 2024

976
00:43:16,400 --> 00:43:18,960
for 3986.

977
00:43:18,960 --> 00:43:20,640
The time just selling price for this

978
00:43:20,640 --> 00:43:22,720
property is 4426.

979
00:43:22,720 --> 00:43:26,319
The current assessment of 4184.

980
00:43:26,319 --> 00:43:29,440
Um now the the complainant did mention

981
00:43:29,440 --> 00:43:32,960
this particular sale. So and it did sell

982
00:43:32,960 --> 00:43:34,480
twice.

983
00:43:34,480 --> 00:43:37,359
So this is the latter sale. This is the

984
00:43:37,359 --> 00:43:41,359
last sale in 24. Right immediately below

985
00:43:41,359 --> 00:43:44,160
this, this is the first time it sold. So

986
00:43:44,160 --> 00:43:47,599
it sold in the 28th of February 23 for

987
00:43:47,599 --> 00:43:49,359
3395.

988
00:43:49,359 --> 00:43:52,960
That time adjusted value is 4764

989
00:43:52,960 --> 00:43:54,640
when the assessment the amended

990
00:43:54,640 --> 00:43:57,520
assessment is 4184.

991
00:43:57,520 --> 00:44:00,560
So the first sale, the first one is at

992
00:44:00,560 --> 00:44:02,240
88%.

993
00:44:02,240 --> 00:44:05,440
with the second one being 95. So in both

994
00:44:05,440 --> 00:44:08,480
cases the assessment to sales ratio is

995
00:44:08,480 --> 00:44:10,960
less than 100.

996
00:44:10,960 --> 00:44:13,440
Uh that's just the ones that sold twice.

997
00:44:13,440 --> 00:44:17,440
Um so each this assessment to sales

998
00:44:17,440 --> 00:44:21,119
ratio is a range. Uh and if you go to

999
00:44:21,119 --> 00:44:23,680
page 34

1000
00:44:23,680 --> 00:44:26,000
those red bars each of these red bars

1001
00:44:26,000 --> 00:44:27,760
represents each of those sales. So there

1002
00:44:27,760 --> 00:44:29,760
are nine.

1003
00:44:29,760 --> 00:44:33,200
So you see 80 a little less than 80 for

1004
00:44:33,200 --> 00:44:36,319
the third one is about 90 fourth one is

1005
00:44:36,319 --> 00:44:40,560
85 let's say and there's a range so the

1006
00:44:40,560 --> 00:44:43,359
overall median assessment to sales ratio

1007
00:44:43,359 --> 00:44:46,319
is 94.5

1008
00:44:46,319 --> 00:44:48,160
if we just look at the assessment to

1009
00:44:48,160 --> 00:44:51,359
sales ratio in sunrise place regarding

1010
00:44:51,359 --> 00:44:54,560
the amended assessment.

1011
00:44:54,560 --> 00:44:57,680
So, we've we've reviewed every one of

1012
00:44:57,680 --> 00:44:59,200
these sales and tested to make sure

1013
00:44:59,200 --> 00:45:02,240
they're arms length. We've applied the

1014
00:45:02,240 --> 00:45:04,720
time adjustment to these condo condo

1015
00:45:04,720 --> 00:45:07,440
sales like every other condo like all

1016
00:45:07,440 --> 00:45:10,800
the other 381

1017
00:45:10,800 --> 00:45:13,680
sales which present which gave us on

1018
00:45:13,680 --> 00:45:16,880
page 26 which gave us an overall assess

1019
00:45:16,880 --> 00:45:19,920
assessment to sales ratio 98%.

1020
00:45:19,920 --> 00:45:22,560
So it shows that it's being it's that

1021
00:45:22,560 --> 00:45:26,160
the it's um an appropriate time

1022
00:45:26,160 --> 00:45:29,920
adjustment. Um [clears throat]

1023
00:45:29,920 --> 00:45:36,150
let's see here.

1024
00:45:36,160 --> 00:45:38,720
So if if uh these assessment sales

1025
00:45:38,720 --> 00:45:41,520
ratios were used with sun sunrise place

1026
00:45:41,520 --> 00:45:43,920
the model would be 94.5. It's it

1027
00:45:43,920 --> 00:45:46,720
wouldn't pass a on its own because it's

1028
00:45:46,720 --> 00:45:48,560
less than 95%.

1029
00:45:48,560 --> 00:45:51,280
But when we combine it with with the

1030
00:45:51,280 --> 00:45:55,280
overall modeling of Sunrise, Sunrise uh

1031
00:45:55,280 --> 00:45:58,000
place, Sunville Crescent, and Sunvil

1032
00:45:58,000 --> 00:46:02,800
Place, the value and that's on page

1033
00:46:02,800 --> 00:46:05,760
page 30, we get an overall assessment of

1034
00:46:05,760 --> 00:46:10,390
sales ratio of 96.8%.

1035
00:46:10,400 --> 00:46:14,640
Uh and just for information also on page

1036
00:46:14,640 --> 00:46:16,319
32

1037
00:46:16,319 --> 00:46:20,480
if we look at uh 38 Sunrise Place um it

1038
00:46:20,480 --> 00:46:22,800
shows the role the address the legal

1039
00:46:22,800 --> 00:46:25,839
year your built and building size. So

1040
00:46:25,839 --> 00:46:30,720
1,62 ft um assessment per square foot is

1041
00:46:30,720 --> 00:46:32,640
at 396.

1042
00:46:32,640 --> 00:46:35,920
So with this model we've amended model

1043
00:46:35,920 --> 00:46:38,560
we're applying to these units

1044
00:46:38,560 --> 00:46:43,200
uh it's 396 for 38 sunrise place 398 for

1045
00:46:43,200 --> 00:46:45,440
32

1046
00:46:45,440 --> 00:46:49,280
398 well again it's the same one 50 is

1047
00:46:49,280 --> 00:46:52,640
50 sunrise place is 391 a square foot 34

1048
00:46:52,640 --> 00:46:55,200
sunrise place is 391 they're all within

1049
00:46:55,200 --> 00:46:59,599
a very consistent value per square foot

1050
00:46:59,599 --> 00:47:02,079
all being valued the same way with the

1051
00:47:02,079 --> 00:47:03,760
model. It's statistically tested as

1052
00:47:03,760 --> 00:47:08,550
passing quality standard.

1053
00:47:08,560 --> 00:47:10,960
On page 35,

1054
00:47:10,960 --> 00:47:13,839
this shows comparable sales between the

1055
00:47:13,839 --> 00:47:16,560
communities of Sunville Place Northeast,

1056
00:47:16,560 --> 00:47:18,400
Sunville, Sunville Crescent Northeast,

1057
00:47:18,400 --> 00:47:21,359
and Sunrise Place Northeast. So, we have

1058
00:47:21,359 --> 00:47:26,319
Tus Sunvil Place at um 397 a square

1059
00:47:26,319 --> 00:47:30,400
foot. We got Sunville Crescent at 397 a

1060
00:47:30,400 --> 00:47:33,200
square foot. All similar sized units.

1061
00:47:33,200 --> 00:47:36,160
The top one's,062.

1062
00:47:36,160 --> 00:47:40,319
Um 702 is 1,036 square feet. It's at 397

1063
00:47:40,319 --> 00:47:46,240
a square foot. 14 Sunrise Place is 1,57

1064
00:47:46,240 --> 00:47:50,480
ft at 396 per square foot. And 32

1065
00:47:50,480 --> 00:47:52,560
Sunrise Place

1066
00:47:52,560 --> 00:47:56,960
is 1,049 ft at 398 ft². So you can see

1067
00:47:56,960 --> 00:47:59,520
that with this new valuation model is

1068
00:47:59,520 --> 00:48:02,720
consistency applied using a value model

1069
00:48:02,720 --> 00:48:04,800
that would that passes required

1070
00:48:04,800 --> 00:48:09,520
provincial standard as of July 1, 2025.

1071
00:48:09,520 --> 00:48:11,839
These assessments are all all have

1072
00:48:11,839 --> 00:48:13,599
consistent

1073
00:48:13,599 --> 00:48:16,319
um values per square foot.

1074
00:48:16,319 --> 00:48:20,000
Well, these are the sales, sorry.

1075
00:48:20,000 --> 00:48:22,160
And then on page 36, this shows

1076
00:48:22,160 --> 00:48:23,920
comparable assessments between each of

1077
00:48:23,920 --> 00:48:26,480
those communities with the yellow arrow

1078
00:48:26,480 --> 00:48:28,960
representing the value per square foot.

1079
00:48:28,960 --> 00:48:31,520
So within a very close tight close

1080
00:48:31,520 --> 00:48:35,280
range. So these are comparable

1081
00:48:35,280 --> 00:48:36,960
assessments within Sunville Place,

1082
00:48:36,960 --> 00:48:40,160
Sunrise Place and Sunville Crescent

1083
00:48:40,160 --> 00:48:42,160
showing consistent

1084
00:48:42,160 --> 00:48:44,240
consistent assessments

1085
00:48:44,240 --> 00:48:48,319
or a consistent application of the model

1086
00:48:48,319 --> 00:48:50,000
uh for consistent and equitable

1087
00:48:50,000 --> 00:48:53,030
assessment.

1088
00:48:53,040 --> 00:48:55,119
On page 37,

1089
00:48:55,119 --> 00:48:57,599
um the the chart at the bottom of this

1090
00:48:57,599 --> 00:48:59,280
page that was sent without with

1091
00:48:59,280 --> 00:49:01,520
everyone's assessment notices reflects

1092
00:49:01,520 --> 00:49:05,440
the the overall median assessment change

1093
00:49:05,440 --> 00:49:09,520
uh from 2024 to 2025. So this would be

1094
00:49:09,520 --> 00:49:12,800
the July the July 1 median overall

1095
00:49:12,800 --> 00:49:15,440
change in each of these condominium

1096
00:49:15,440 --> 00:49:18,160
developments. So in Sunrise, Sunville

1097
00:49:18,160 --> 00:49:22,960
Place, Sunrise Place and Sunvil, the

1098
00:49:22,960 --> 00:49:26,800
median assessment in 2024 was 393750

1099
00:49:26,800 --> 00:49:29,040
and the median assessment in 2025 was

1100
00:49:29,040 --> 00:49:30,559
42350

1101
00:49:30,559 --> 00:49:33,359
and that also being consistent with the

1102
00:49:33,359 --> 00:49:35,680
with the proposed amended assessment and

1103
00:49:35,680 --> 00:49:39,200
their respective values per square foot.

1104
00:49:39,200 --> 00:49:41,920
So to conclude, upon the review of the

1105
00:49:41,920 --> 00:49:44,559
Sunrise Place Northeast condos during

1106
00:49:44,559 --> 00:49:47,520
the 2026 inquiry period, it became

1107
00:49:47,520 --> 00:49:49,119
evident that there were historic data

1108
00:49:49,119 --> 00:49:51,119
errors in the calculation of the 2025

1109
00:49:51,119 --> 00:49:53,520
assessment, specifically related to the

1110
00:49:53,520 --> 00:49:56,480
sizes of the condo suite and the garage.

1111
00:49:56,480 --> 00:49:58,480
Upon review of all the condo plans and

1112
00:49:58,480 --> 00:50:00,240
blueprints specific to the Sunrise

1113
00:50:00,240 --> 00:50:02,720
development, corrections were made as

1114
00:50:02,720 --> 00:50:05,280
included in the submission. Originally

1115
00:50:05,280 --> 00:50:06,880
and typically value models for all

1116
00:50:06,880 --> 00:50:08,960
condos are specific to each condo

1117
00:50:08,960 --> 00:50:11,040
development. However, through

1118
00:50:11,040 --> 00:50:13,040
discussions with property owners and

1119
00:50:13,040 --> 00:50:15,440
upon review of comparable sales and

1120
00:50:15,440 --> 00:50:17,839
similar properties within Sunrise Place,

1121
00:50:17,839 --> 00:50:20,000
Sunville Crescent, and Sunville Place,

1122
00:50:20,000 --> 00:50:22,000
it appeared appropriate to develop a

1123
00:50:22,000 --> 00:50:23,680
single value model for the similar

1124
00:50:23,680 --> 00:50:26,079
sidebyside conds in each of these

1125
00:50:26,079 --> 00:50:28,160
locations.

1126
00:50:28,160 --> 00:50:31,760
The resulting value model meets the

1127
00:50:31,760 --> 00:50:33,599
required provincial quality standards

1128
00:50:33,599 --> 00:50:35,280
and is shown to be consistent and

1129
00:50:35,280 --> 00:50:37,119
equitable within these three similar

1130
00:50:37,119 --> 00:50:39,920
areas and moving forward will be our

1131
00:50:39,920 --> 00:50:41,520
standard approach to the assessment of

1132
00:50:41,520 --> 00:50:44,400
these condos. It is a recommendation of

1133
00:50:44,400 --> 00:50:45,599
the assessor that the amended

1134
00:50:45,599 --> 00:50:47,839
assessments of the properties identified

1135
00:50:47,839 --> 00:50:50,160
in this submission as shown in page 17.

1136
00:50:50,160 --> 00:50:52,640
I better check that. There they are uh

1137
00:50:52,640 --> 00:50:55,760
are used in a 2025 assessment year.

1138
00:50:55,760 --> 00:50:59,200
Thank you, Madam Chair.

1139
00:50:59,200 --> 00:51:02,630
>> Thank you. Uh, complainant, you may ask

1140
00:51:02,630 --> 00:51:02,640
» Thank you. Uh, complainant, you may ask

1141
00:51:02,640 --> 00:51:05,599
any questions now.

1142
00:51:05,599 --> 00:51:07,430
>> Thank you, Madam Chair. Um, thank you,

1143
00:51:07,430 --> 00:51:07,440
» Thank you, Madam Chair. Um, thank you,

1144
00:51:07,440 --> 00:51:10,880
Stuart. Um,

1145
00:51:10,880 --> 00:51:12,720
I think Stuart's done a good job, as he

1146
00:51:12,720 --> 00:51:14,240
did this morning, of explaining the

1147
00:51:14,240 --> 00:51:16,559
process that the town has gone through

1148
00:51:16,559 --> 00:51:20,160
to uh um

1149
00:51:20,160 --> 00:51:22,000
proceed with the model and and come out

1150
00:51:22,000 --> 00:51:24,160
with a with a valuation on these

1151
00:51:24,160 --> 00:51:26,800
properties. And um what what I can't

1152
00:51:26,800 --> 00:51:29,839
fathom and can't understand [snorts] is

1153
00:51:29,839 --> 00:51:31,599
how

1154
00:51:31,599 --> 00:51:35,200
um none of the values that are on um

1155
00:51:35,200 --> 00:51:38,160
these assessments actually equate to

1156
00:51:38,160 --> 00:51:40,000
sales values within these three

1157
00:51:40,000 --> 00:51:43,040
communities that he's talking about. And

1158
00:51:43,040 --> 00:51:44,800
and I think we've established that these

1159
00:51:44,800 --> 00:51:46,720
three communities are at least similar.

1160
00:51:46,720 --> 00:51:48,240
They're not they're not identical, but

1161
00:51:48,240 --> 00:51:52,800
they're at least similar. Um, and if if

1162
00:51:52,800 --> 00:51:56,526
I can refer you to page 46.

1163
00:51:56,526 --> 00:52:06,390
[snorts]

1164
00:52:06,400 --> 00:52:08,000
» Sorry, I just want to confirm. Is that

1165
00:52:08,000 --> 00:52:10,960
page 46 within your

1166
00:52:10,960 --> 00:52:12,630
>> No, it's it's within the submission the

1167
00:52:12,630 --> 00:52:12,640
» No, it's it's within the submission the

1168
00:52:12,640 --> 00:52:17,760
the um respondents documentation.

1169
00:52:17,760 --> 00:52:21,589
Would

1170
00:52:21,599 --> 00:52:22,559
that be this page?

1171
00:52:22,559 --> 00:52:23,589
>> That would be that page. Yeah.

1172
00:52:23,589 --> 00:52:23,599
» That would be that page. Yeah.

1173
00:52:23,599 --> 00:52:25,336
>> Okay. Let me just see if I can rotate

1174
00:52:25,336 --> 00:52:25,346
» Okay. Let me just see if I can rotate

1175
00:52:25,346 --> 00:52:26,640
[clears throat] it.

1176
00:52:26,640 --> 00:52:28,470
>> Obviously, I don't have access to all of

1177
00:52:28,470 --> 00:52:28,480
» Obviously, I don't have access to all of

1178
00:52:28,480 --> 00:52:30,160
the data like the town has. So, I was

1179
00:52:30,160 --> 00:52:32,559
only able to collect certain data from

1180
00:52:32,559 --> 00:52:35,760
various um residents that I'm

1181
00:52:35,760 --> 00:52:38,160
representing for the Sunil properties,

1182
00:52:38,160 --> 00:52:40,720
but I do know them for Sunrise, which is

1183
00:52:40,720 --> 00:52:43,119
the ones that I own personally.

1184
00:52:43,119 --> 00:52:47,616
um and the tax assessments there even

1185
00:52:47,616 --> 00:52:50,400
[clears throat] for 2025

1186
00:52:50,400 --> 00:52:52,000
um

1187
00:52:52,000 --> 00:52:55,476
ne never have we achieved those sales um

1188
00:52:55,476 --> 00:52:56,720
[clears throat]

1189
00:52:56,720 --> 00:53:00,480
um in in any of these three areas that

1190
00:53:00,480 --> 00:53:02,960
we're talking about. So, if you look I

1191
00:53:02,960 --> 00:53:06,720
know it's all good. Um, you need to be

1192
00:53:06,720 --> 00:53:08,720
looking at page 47 as well, which

1193
00:53:08,720 --> 00:53:10,960
highlights all of the sales that I was

1194
00:53:10,960 --> 00:53:13,680
able to obtain off the MLS

1195
00:53:13,680 --> 00:53:16,720
um for these three areas. Sunrise uh

1196
00:53:16,720 --> 00:53:20,960
place, Sunvil Place, and Sunvil Cresant,

1197
00:53:20,960 --> 00:53:23,359
which are the three areas that Stuart

1198
00:53:23,359 --> 00:53:26,000
has um determined that we're grouping

1199
00:53:26,000 --> 00:53:28,960
together now for an evaluation purpose.

1200
00:53:28,960 --> 00:53:31,119
none of the sales since 2022 have ever

1201
00:53:31,119 --> 00:53:33,359
reached the assessment prices that he's

1202
00:53:33,359 --> 00:53:36,640
now saying. Um, their model has has

1203
00:53:36,640 --> 00:53:40,319
calculated and even even the sales that

1204
00:53:40,319 --> 00:53:43,040
have occurred since then haven't reached

1205
00:53:43,040 --> 00:53:44,960
those values either as I made in my

1206
00:53:44,960 --> 00:53:47,920
opening statement. Um what what I'd like

1207
00:53:47,920 --> 00:53:50,800
to know is

1208
00:53:50,800 --> 00:53:52,480
it's great that we have these models

1209
00:53:52,480 --> 00:53:56,240
that we follow and that are legislated

1210
00:53:56,240 --> 00:53:58,480
but is there any type of calibration

1211
00:53:58,480 --> 00:54:02,160
done after those models have have come

1212
00:54:02,160 --> 00:54:04,240
up with the calculation to look at the

1213
00:54:04,240 --> 00:54:07,119
actual sales that are taking place

1214
00:54:07,119 --> 00:54:09,680
because in these three communities I

1215
00:54:09,680 --> 00:54:12,079
can't see that any calibration will have

1216
00:54:12,079 --> 00:54:15,200
been done because none of these sales um

1217
00:54:15,200 --> 00:54:17,200
are anywhere close to those values that

1218
00:54:17,200 --> 00:54:21,510
have now been determined.

1219
00:54:21,520 --> 00:54:23,040
So that's my question. Has there been

1220
00:54:23,040 --> 00:54:25,440
any calibration done after the model has

1221
00:54:25,440 --> 00:54:27,440
been done? And I know that, you know,

1222
00:54:27,440 --> 00:54:28,880
you've got to meet these legislative

1223
00:54:28,880 --> 00:54:32,240
requirements, but the reality is does

1224
00:54:32,240 --> 00:54:34,400
this model represent market value?

1225
00:54:34,400 --> 00:54:38,630
That's what we're trying to establish.

1226
00:54:38,640 --> 00:54:40,559
Thank Thank you u the complaint. Thank

1227
00:54:40,559 --> 00:54:42,240
you, Madam Chair. Uh to answer the

1228
00:54:42,240 --> 00:54:44,319
question, I'll I'll kind of answer with

1229
00:54:44,319 --> 00:54:46,400
an example. So let's say we have these

1230
00:54:46,400 --> 00:54:48,960
three communities and then we have let's

1231
00:54:48,960 --> 00:54:51,520
say there were no sales in Sunvil Place,

1232
00:54:51,520 --> 00:54:53,440
zero sales.

1233
00:54:53,440 --> 00:54:55,280
So and they're all we've identified

1234
00:54:55,280 --> 00:54:56,800
there as the complaint says they're all

1235
00:54:56,800 --> 00:54:58,640
similar properties. So there are no

1236
00:54:58,640 --> 00:55:01,200
sales in one of these communities. Do we

1237
00:55:01,200 --> 00:55:03,760
say do we say well [snorts]

1238
00:55:03,760 --> 00:55:06,240
they're not what are we going to use if

1239
00:55:06,240 --> 00:55:09,680
there's no sales? We have so that the

1240
00:55:09,680 --> 00:55:12,319
the value for that similar community

1241
00:55:12,319 --> 00:55:14,240
comes from the sales in the other

1242
00:55:14,240 --> 00:55:16,480
properties. the models the model sales

1243
00:55:16,480 --> 00:55:17,440
are coming from the other two

1244
00:55:17,440 --> 00:55:20,000
communities. We use those

1245
00:55:20,000 --> 00:55:22,079
so that we can apply a consistent

1246
00:55:22,079 --> 00:55:24,079
equitable value on those properties that

1247
00:55:24,079 --> 00:55:27,520
don't sell. And in in a nutshell, that's

1248
00:55:27,520 --> 00:55:30,720
what assessment does. We take sales of

1249
00:55:30,720 --> 00:55:32,400
properties. We call them indicators of

1250
00:55:32,400 --> 00:55:35,599
value. We develop a value model process

1251
00:55:35,599 --> 00:55:38,000
for the properties that sell. It's

1252
00:55:38,000 --> 00:55:41,280
statistically tested. Does it reflect

1253
00:55:41,280 --> 00:55:43,760
those those specific sales for those

1254
00:55:43,760 --> 00:55:46,079
similar properties correctly? And once

1255
00:55:46,079 --> 00:55:48,799
it passes that statistical test, it's

1256
00:55:48,799 --> 00:55:50,160
just applied to the properties that

1257
00:55:50,160 --> 00:55:52,000
don't sell [snorts]

1258
00:55:52,000 --> 00:55:54,720
where we have no control over what sales

1259
00:55:54,720 --> 00:55:57,200
occur where we can't go, well, there's

1260
00:55:57,200 --> 00:56:00,079
only two sales in place. What are we

1261
00:56:00,079 --> 00:56:02,079
going to do?

1262
00:56:02,079 --> 00:56:04,640
In either way, we need sufficient sales

1263
00:56:04,640 --> 00:56:07,359
for us to develop a valuation model that

1264
00:56:07,359 --> 00:56:11,040
makes sense that is capable of being a

1265
00:56:11,040 --> 00:56:12,880
an appropriate reflection of the market

1266
00:56:12,880 --> 00:56:15,680
value of properties. That's our mandate

1267
00:56:15,680 --> 00:56:18,319
to be to be a properties

1268
00:56:18,319 --> 00:56:21,440
market value using mass appraisal. We

1269
00:56:21,440 --> 00:56:23,440
have no control over the sales.

1270
00:56:23,440 --> 00:56:25,119
Obviously, we use three years worth of

1271
00:56:25,119 --> 00:56:28,000
sales to get as many sales as possible.

1272
00:56:28,000 --> 00:56:29,760
The more sales we have, the more

1273
00:56:29,760 --> 00:56:32,000
confidence we have in the valuation pro

1274
00:56:32,000 --> 00:56:34,000
in the models that are developed that

1275
00:56:34,000 --> 00:56:37,359
are stat statistically tested. So in the

1276
00:56:37,359 --> 00:56:40,160
example of say either sunrise place or

1277
00:56:40,160 --> 00:56:41,520
one of the other communities not having

1278
00:56:41,520 --> 00:56:43,760
any sales,

1279
00:56:43,760 --> 00:56:45,680
we model we take all those similar

1280
00:56:45,680 --> 00:56:47,520
properties. We'll be de we've developed

1281
00:56:47,520 --> 00:56:49,440
a value model that includes all of them

1282
00:56:49,440 --> 00:56:51,920
now not even separately. Now they all

1283
00:56:51,920 --> 00:56:54,799
all the same. So they're all on they're

1284
00:56:54,799 --> 00:56:56,720
all on the same level. So they're all

1285
00:56:56,720 --> 00:56:59,280
identical and the val with a consistent

1286
00:56:59,280 --> 00:57:01,920
valuation process mass appraisal the

1287
00:57:01,920 --> 00:57:04,480
sales of time adjusted all the cond

1288
00:57:04,480 --> 00:57:06,319
properties every property is adjusted

1289
00:57:06,319 --> 00:57:09,680
for time because it has to be July 1. So

1290
00:57:09,680 --> 00:57:12,240
we follow we followed the the provincial

1291
00:57:12,240 --> 00:57:14,240
legislation, we followed best practice

1292
00:57:14,240 --> 00:57:16,960
using mass appraisal. And even if the

1293
00:57:16,960 --> 00:57:20,160
example of um if there were no sales in

1294
00:57:20,160 --> 00:57:21,680
one of those communities, if if there

1295
00:57:21,680 --> 00:57:25,280
were one sale, it could be high, it

1296
00:57:25,280 --> 00:57:28,160
could be lower, but it's just one sale.

1297
00:57:28,160 --> 00:57:30,000
And we talked about that coefficient of

1298
00:57:30,000 --> 00:57:32,880
dispersion. It's in there somewhere.

1299
00:57:32,880 --> 00:57:35,280
It's in that range

1300
00:57:35,280 --> 00:57:37,920
of value. Just because there's only one

1301
00:57:37,920 --> 00:57:40,240
sale, it doesn't mean it's the highest

1302
00:57:40,240 --> 00:57:42,720
or the lowest, we have no control over

1303
00:57:42,720 --> 00:57:45,599
that. All we required to do is look all

1304
00:57:45,599 --> 00:57:47,599
the sales of a consistent group of

1305
00:57:47,599 --> 00:57:51,200
properties by location, develop a model

1306
00:57:51,200 --> 00:57:52,720
that's statistically tested following

1307
00:57:52,720 --> 00:57:55,040
all the provincial regulations we have,

1308
00:57:55,040 --> 00:57:57,839
and then that's the assessment. I I

1309
00:57:57,839 --> 00:58:02,160
understand the argument that um this

1310
00:58:02,160 --> 00:58:04,960
these these couple of sales in 22 or

1311
00:58:04,960 --> 00:58:09,599
some in 23 but we have we just time and

1312
00:58:09,599 --> 00:58:12,319
location or right and there's all kinds

1313
00:58:12,319 --> 00:58:13,920
of other property groups but we're

1314
00:58:13,920 --> 00:58:16,240
looking at similar properties a similar

1315
00:58:16,240 --> 00:58:19,200
process a similar and consistent

1316
00:58:19,200 --> 00:58:21,520
statistical test so we that's what how

1317
00:58:21,520 --> 00:58:23,040
the assessments are developed that's the

1318
00:58:23,040 --> 00:58:25,599
only defense I have right we we're we're

1319
00:58:25,599 --> 00:58:28,079
bound by legis legislation bound by mass

1320
00:58:28,079 --> 00:58:30,799
appraisal as imperfect as it may be.

1321
00:58:30,799 --> 00:58:32,559
Right? But that's that's that's the

1322
00:58:32,559 --> 00:58:34,160
standard by which we are complete the

1323
00:58:34,160 --> 00:58:39,030
assessment process.

1324
00:58:39,040 --> 00:58:41,839
» Thank you. I will now ask any members of

1325
00:58:41,839 --> 00:58:46,710
the board if you have any questions

1326
00:58:46,720 --> 00:58:50,480
to the assessor through the chair. Are

1327
00:58:50,480 --> 00:58:53,119
so we're just taking the sales. Are we

1328
00:58:53,119 --> 00:58:55,680
now looking at quality

1329
00:58:55,680 --> 00:58:58,640
of the homes that are involved in these

1330
00:58:58,640 --> 00:59:02,319
sales? The amp like

1331
00:59:02,319 --> 00:59:06,319
are all the condos in that area the same

1332
00:59:06,319 --> 00:59:09,670
quality?

1333
00:59:09,680 --> 00:59:11,520
» Yep. They're all identical. They're all

1334
00:59:11,520 --> 00:59:13,839
They're all assessed exactly the same.

1335
00:59:13,839 --> 00:59:15,839
They all have different It's marketed

1336
00:59:15,839 --> 00:59:18,160
just a depreciated cost. So they have

1337
00:59:18,160 --> 00:59:21,200
different ages, different sizes, but the

1338
00:59:21,200 --> 00:59:23,040
style and quality of construction is

1339
00:59:23,040 --> 00:59:25,440
consistent throughout. It's not there's

1340
00:59:25,440 --> 00:59:28,079
not there's not sufficient differences

1341
00:59:28,079 --> 00:59:30,480
that would that would would cause any to

1342
00:59:30,480 --> 00:59:33,200
be different than another. Not not on

1343
00:59:33,200 --> 00:59:36,400
the assessor's opinion anyway.

1344
00:59:36,400 --> 00:59:38,240
U Madam Chair, may I interject?

1345
00:59:38,240 --> 00:59:40,870
>> Go ahead. Um,

1346
00:59:40,870 --> 00:59:40,880
» Go ahead. Um,

1347
00:59:40,880 --> 00:59:42,400
yeah, I obviously have the privilege of

1348
00:59:42,400 --> 00:59:44,480
of being on the condominium board of

1349
00:59:44,480 --> 00:59:46,240
Sunil Place that we spoke about this

1350
00:59:46,240 --> 00:59:47,839
morning and I'm also on the condominium

1351
00:59:47,839 --> 00:59:50,319
board of Sunrise Place that we're now

1352
00:59:50,319 --> 00:59:54,000
assessing. Um, the quality of the homes

1353
00:59:54,000 --> 00:59:55,920
in Sunil are actually superior to the

1354
00:59:55,920 --> 00:59:58,400
ones in Sunrise. I know cuz I own two of

1355
00:59:58,400 --> 01:00:01,200
them and they have different finishings

1356
01:00:01,200 --> 01:00:02,720
inside.

1357
01:00:02,720 --> 01:00:05,440
um you know their laminated countertops

1358
01:00:05,440 --> 01:00:10,799
rather than um marble or anyway it's

1359
01:00:10,799 --> 01:00:12,559
it's it's a little bit different. The

1360
01:00:12,559 --> 01:00:14,799
flooring is very different. You got

1361
01:00:14,799 --> 01:00:16,799
plush wooden floors in Sunvil. You don't

1362
01:00:16,799 --> 01:00:19,280
have the same flooring in Sunrise. The

1363
01:00:19,280 --> 01:00:20,720
property that they've got in the picture

1364
01:00:20,720 --> 01:00:22,240
is obviously one that's been renovated

1365
01:00:22,240 --> 01:00:24,480
and and actually looks very nice. Um but

1366
01:00:24,480 --> 01:00:25,839
not all of the properties are exactly

1367
01:00:25,839 --> 01:00:29,040
the same and they do that does determine

1368
01:00:29,040 --> 01:00:30,240
a different value. it wouldn't be

1369
01:00:30,240 --> 01:00:33,200
significant but it it might be enough.

1370
01:00:33,200 --> 01:00:34,720
Um

1371
01:00:34,720 --> 01:00:36,480
I guess guess what I would have to say

1372
01:00:36,480 --> 01:00:38,240
is that

1373
01:00:38,240 --> 01:00:40,559
even though the model seems to suggest

1374
01:00:40,559 --> 01:00:43,760
that these values should be accurate. Um

1375
01:00:43,760 --> 01:00:47,040
on on this this diagram here or this

1376
01:00:47,040 --> 01:00:51,440
chart here we can we can see sales um

1377
01:00:51,440 --> 01:00:54,559
that have taken place um over a period

1378
01:00:54,559 --> 01:00:56,880
of years since 2022.

1379
01:00:56,880 --> 01:00:58,880
and

1380
01:00:58,880 --> 01:01:01,040
all of the comparable sales. We would we

1381
01:01:01,040 --> 01:01:02,400
would consider these three communities

1382
01:01:02,400 --> 01:01:06,880
as called Sunrise Meadows. Am I correct?

1383
01:01:06,880 --> 01:01:08,390
>> I don't know that I know you by

1384
01:01:08,390 --> 01:01:08,400
» I don't know that I know you by

1385
01:01:08,400 --> 01:01:09,760
specifically by each one, but you're

1386
01:01:09,760 --> 01:01:10,559
probably right. Yeah,

1387
01:01:10,559 --> 01:01:11,910
>> Sunrise Meadows is what I understand

1388
01:01:11,910 --> 01:01:11,920
» Sunrise Meadows is what I understand

1389
01:01:11,920 --> 01:01:13,680
that these three communities are are

1390
01:01:13,680 --> 01:01:15,839
referred to, but it's it's Sunrise

1391
01:01:15,839 --> 01:01:19,119
Place, Sunrise Cresant, and Sunvail

1392
01:01:19,119 --> 01:01:21,760
Place. Um

1393
01:01:21,760 --> 01:01:23,280
so these three air these three

1394
01:01:23,280 --> 01:01:24,960
communities are the most comparable

1395
01:01:24,960 --> 01:01:27,040
properties available in High River

1396
01:01:27,040 --> 01:01:29,359
because they are most similar. Um but

1397
01:01:29,359 --> 01:01:32,960
but they are different. Um they they the

1398
01:01:32,960 --> 01:01:35,359
sales that I've got in this chart depict

1399
01:01:35,359 --> 01:01:38,400
arms length market transactions between

1400
01:01:38,400 --> 01:01:41,760
willing buyers and willing sellers. Um,

1401
01:01:41,760 --> 01:01:46,079
and actual sales, actual sales are the

1402
01:01:46,079 --> 01:01:49,119
strongest evidence of market value. Not

1403
01:01:49,119 --> 01:01:53,200
a model, not a formula, actual sales.

1404
01:01:53,200 --> 01:01:55,680
And every comparable sale supports

1405
01:01:55,680 --> 01:01:57,440
values significantly below these

1406
01:01:57,440 --> 01:02:00,319
assessed values. Every single sale. Now,

1407
01:02:00,319 --> 01:02:01,839
I g gather that there's a time

1408
01:02:01,839 --> 01:02:05,200
adjustment factor, but even the sales

1409
01:02:05,200 --> 01:02:09,280
that have occurred since July 1st, 2025

1410
01:02:09,280 --> 01:02:13,440
are well below this assessment value.

1411
01:02:13,440 --> 01:02:15,359
So, obviously, something is broken

1412
01:02:15,359 --> 01:02:18,480
within the model and that's our contest

1413
01:02:18,480 --> 01:02:20,799
our our our

1414
01:02:20,799 --> 01:02:23,520
position. Um, it's it's a consistent

1415
01:02:23,520 --> 01:02:27,119
pattern that we're seeing. um it's not

1416
01:02:27,119 --> 01:02:30,880
one sale um within this community. All

1417
01:02:30,880 --> 01:02:32,559
of the sales that I've got on this

1418
01:02:32,559 --> 01:02:34,559
document demonstrate that we're not

1419
01:02:34,559 --> 01:02:36,559
anywhere near those values. Now, yes,

1420
01:02:36,559 --> 01:02:38,880
it's over a time period, but not anyone

1421
01:02:38,880 --> 01:02:41,440
of the sales that took place within that

1422
01:02:41,440 --> 01:02:44,240
1st of July 2024

1423
01:02:44,240 --> 01:02:48,000
to 30th of June 2025 hit that value at

1424
01:02:48,000 --> 01:02:49,920
all. And I mentioned at the very

1425
01:02:49,920 --> 01:02:52,079
beginning,

1426
01:02:52,079 --> 01:02:56,319
unit 50 was sold

1427
01:02:56,319 --> 01:02:59,839
just a matter of weeks on May 9th, it

1428
01:02:59,839 --> 01:03:01,920
sold for 380,000,

1429
01:03:01,920 --> 01:03:04,160
7 weeks before the legislated valuation

1430
01:03:04,160 --> 01:03:07,520
date. And yet the town's value for that

1431
01:03:07,520 --> 01:03:09,359
property

1432
01:03:09,359 --> 01:03:11,599
is 416.

1433
01:03:11,599 --> 01:03:14,458
Well, that's a significant jump.

1434
01:03:14,458 --> 01:03:18,880
[snorts] Um, and so we contest that the

1435
01:03:18,880 --> 01:03:20,960
model doesn't seem to be working. It's

1436
01:03:20,960 --> 01:03:23,359
not representative of what actually is

1437
01:03:23,359 --> 01:03:26,720
happening on the ground. [snorts] Um and

1438
01:03:26,720 --> 01:03:29,440
and I don't I don't understand it. I

1439
01:03:29,440 --> 01:03:31,599
don't know what the

1440
01:03:31,599 --> 01:03:34,799
um the model does in its calculations. I

1441
01:03:34,799 --> 01:03:37,359
just see the numbers of the actual sales

1442
01:03:37,359 --> 01:03:40,000
that I was able to obtain details of and

1443
01:03:40,000 --> 01:03:42,160
they're they're not they're not equating

1444
01:03:42,160 --> 01:03:49,589
to what um Stuart [snorts] is reporting.

1445
01:03:49,599 --> 01:03:54,400
Anyway, I rest. Thank you, Madam Chair.

1446
01:03:54,400 --> 01:03:56,309
>> Sorry, I just want to clarify. You said

1447
01:03:56,309 --> 01:03:56,319
» Sorry, I just want to clarify. You said

1448
01:03:56,319 --> 01:03:58,720
unit 50. I don't see that on this list

1449
01:03:58,720 --> 01:03:59,119
here.

1450
01:03:59,119 --> 01:04:02,789
>> It's not um this this particular unit

1451
01:04:02,789 --> 01:04:02,799
» It's not um this this particular unit

1452
01:04:02,799 --> 01:04:04,960
was not on the MLS. It was actually data

1453
01:04:04,960 --> 01:04:07,280
that the town provided me. So, it must

1454
01:04:07,280 --> 01:04:08,960
have been a private sale is what I

1455
01:04:08,960 --> 01:04:10,880
assume.

1456
01:04:10,880 --> 01:04:12,870
>> But I will contest as well, like I did

1457
01:04:12,870 --> 01:04:12,880
» But I will contest as well, like I did

1458
01:04:12,880 --> 01:04:15,440
this morning, that that doesn't matter.

1459
01:04:15,440 --> 01:04:17,200
The people that are residing in these

1460
01:04:17,200 --> 01:04:21,920
homes are all mostly retired folks,

1461
01:04:21,920 --> 01:04:25,760
right? They're mostly retired folks. And

1462
01:04:25,760 --> 01:04:28,480
um there's going to be a lot of estate

1463
01:04:28,480 --> 01:04:30,799
sales in these communities as a result

1464
01:04:30,799 --> 01:04:34,240
of that. Um that's that's just an

1465
01:04:34,240 --> 01:04:35,760
apparent fact because of the age

1466
01:04:35,760 --> 01:04:37,359
population of the people that are living

1467
01:04:37,359 --> 01:04:40,549
there.

1468
01:04:40,559 --> 01:04:41,839
They're they're either staying there

1469
01:04:41,839 --> 01:04:43,760
till they die or they're moving from

1470
01:04:43,760 --> 01:04:48,400
there into a care facility of some sort.

1471
01:04:48,400 --> 01:04:50,069
>> Any other questions from the board?

1472
01:04:50,069 --> 01:04:50,079
» Any other questions from the board?

1473
01:04:50,079 --> 01:04:52,309
>> Yeah, I have several here. Just uh

1474
01:04:52,309 --> 01:04:52,319
» Yeah, I have several here. Just uh

1475
01:04:52,319 --> 01:04:55,920
confirm what page number is that for the

1476
01:04:55,920 --> 01:04:57,599
location you were just talking about?

1477
01:04:57,599 --> 01:04:58,309
>> 50.

1478
01:04:58,309 --> 01:04:58,319
» 50.

1479
01:04:58,319 --> 01:04:58,710
>> Um

1480
01:04:58,710 --> 01:04:58,720
» Um

1481
01:04:58,720 --> 01:04:59,910
>> because I don't see it in this report

1482
01:04:59,910 --> 01:04:59,920
» because I don't see it in this report

1483
01:04:59,920 --> 01:05:01,440
when I reviewed it through lunch.

1484
01:05:01,440 --> 01:05:04,710
>> That's a great question. Um it's in the

1485
01:05:04,710 --> 01:05:04,720
» That's a great question. Um it's in the

1486
01:05:04,720 --> 01:05:06,640
rebuttal that was sent to us from the

1487
01:05:06,640 --> 01:05:08,000
city. So it's somewhere in this

1488
01:05:08,000 --> 01:05:09,119
document. Okay.

1489
01:05:09,119 --> 01:05:09,829
>> And uh

1490
01:05:09,829 --> 01:05:09,839
» And uh

1491
01:05:09,839 --> 01:05:10,950
>> I don't know if we can do like

1492
01:05:10,950 --> 01:05:10,960
» I don't know if we can do like

1493
01:05:10,960 --> 01:05:11,910
>> I'll see if I can find it

1494
01:05:11,910 --> 01:05:11,920
» I'll see if I can find it

1495
01:05:11,920 --> 01:05:14,470
>> a control search function on it.

1496
01:05:14,470 --> 01:05:14,480
» a control search function on it.

1497
01:05:14,480 --> 01:05:16,390
>> Okay. I'll just jump to a couple other

1498
01:05:16,390 --> 01:05:16,400
» Okay. I'll just jump to a couple other

1499
01:05:16,400 --> 01:05:18,000
ones here.

1500
01:05:18,000 --> 01:05:20,470
>> Um to the complaintant here. You

1501
01:05:20,470 --> 01:05:20,480
» Um to the complaintant here. You

1502
01:05:20,480 --> 01:05:23,119
discussed a few times in regards to

1503
01:05:23,119 --> 01:05:26,160
direct sales. Most recent sales is this

1504
01:05:26,160 --> 01:05:28,160
50 and then the prior ones just to

1505
01:05:28,160 --> 01:05:31,920
confirm with you is 42 cresant place and

1506
01:05:31,920 --> 01:05:34,240
then 32

1507
01:05:34,240 --> 01:05:36,960
specifically. Is that correct?

1508
01:05:36,960 --> 01:05:40,240
Uh 42 at 375,000

1509
01:05:40,240 --> 01:05:42,230
>> and then 32 was your other direct

1510
01:05:42,230 --> 01:05:42,240
» and then 32 was your other direct

1511
01:05:42,240 --> 01:05:43,990
>> 398,600.

1512
01:05:43,990 --> 01:05:44,000
» 398,600.

1513
01:05:44,000 --> 01:05:45,680
Yes, that's correct.

1514
01:05:45,680 --> 01:05:47,109
>> Those are your direct comparisons that

1515
01:05:47,109 --> 01:05:47,119
» Those are your direct comparisons that

1516
01:05:47,119 --> 01:05:49,359
you want to equate to this.

1517
01:05:49,359 --> 01:05:51,109
>> Yes. Thank you. Thank you for

1518
01:05:51,109 --> 01:05:51,119
» Yes. Thank you. Thank you for

1519
01:05:51,119 --> 01:05:53,680
confirming. Uh in regards to the

1520
01:05:53,680 --> 01:05:56,960
condition of the property itself, um as

1521
01:05:56,960 --> 01:05:58,640
you've already stated before, but I just

1522
01:05:58,640 --> 01:06:00,559
want to make sure it's clear to

1523
01:06:00,559 --> 01:06:02,720
everybody online here. What is your

1524
01:06:02,720 --> 01:06:06,240
depiction of the condition of the

1525
01:06:06,240 --> 01:06:08,559
properties? The subject properties would

1526
01:06:08,559 --> 01:06:10,640
you recommend or would you advise as

1527
01:06:10,640 --> 01:06:13,039
it's fair, good, excellent condition or

1528
01:06:13,039 --> 01:06:15,200
referring to does the roof need to be

1529
01:06:15,200 --> 01:06:17,359
replaced? I understand the interior may

1530
01:06:17,359 --> 01:06:20,000
have small adjustments but major

1531
01:06:20,000 --> 01:06:21,119
structural issues.

1532
01:06:21,119 --> 01:06:23,349
>> These these properties are about 4 years

1533
01:06:23,349 --> 01:06:23,359
» These these properties are about 4 years

1534
01:06:23,359 --> 01:06:24,799
older than the properties that we were

1535
01:06:24,799 --> 01:06:26,240
talking about this morning in Sunil.

1536
01:06:26,240 --> 01:06:28,559
They're from 2012. They're all of a

1537
01:06:28,559 --> 01:06:32,000
similar um condition. Um the roofs are

1538
01:06:32,000 --> 01:06:35,039
all in good condition. Um obviously the

1539
01:06:35,039 --> 01:06:36,799
exterior of these properties are managed

1540
01:06:36,799 --> 01:06:38,240
by the condo board, not by the

1541
01:06:38,240 --> 01:06:41,599
individual tenants or owners. Um and

1542
01:06:41,599 --> 01:06:43,280
yeah, they're all in good condition.

1543
01:06:43,280 --> 01:06:43,990
>> Okay. Thank you.

1544
01:06:43,990 --> 01:06:44,000
» Okay. Thank you.

1545
01:06:44,000 --> 01:06:45,990
>> The interiors are slightly different.

1546
01:06:45,990 --> 01:06:46,000
» The interiors are slightly different.

1547
01:06:46,000 --> 01:06:49,029
>> Thank you. To the respondent just to

1548
01:06:49,029 --> 01:06:49,039
» Thank you. To the respondent just to

1549
01:06:49,039 --> 01:06:52,960
confirm for myself here and I know the

1550
01:06:52,960 --> 01:06:56,000
complaintant did bring it up here. Um in

1551
01:06:56,000 --> 01:06:58,720
regards to the time weight, what's the

1552
01:06:58,720 --> 01:07:00,559
actual weight? I know you guys did a

1553
01:07:00,559 --> 01:07:03,839
confidence to confirm if it hit the

1554
01:07:03,839 --> 01:07:06,000
medium through the government, but

1555
01:07:06,000 --> 01:07:07,280
what's the actual weight when we're

1556
01:07:07,280 --> 01:07:10,960
applying a weight of a sale of 2022?

1557
01:07:10,960 --> 01:07:14,000
What what's the actual weight itself?

1558
01:07:14,000 --> 01:07:16,160
Like how are we adjusting that specific

1559
01:07:16,160 --> 01:07:19,599
number versus a sale of 2024?

1560
01:07:19,599 --> 01:07:20,549
>> Yeah, it's it's

1561
01:07:20,549 --> 01:07:20,559
» Yeah, it's it's

1562
01:07:20,559 --> 01:07:22,390
>> I just I couldn't find it in the page

1563
01:07:22,390 --> 01:07:22,400
» I just I couldn't find it in the page

1564
01:07:22,400 --> 01:07:23,760
reviewing it through like an hour

1565
01:07:23,760 --> 01:07:26,319
before. I just do you have uh

1566
01:07:26,319 --> 01:07:27,920
information for me? There's no there's

1567
01:07:27,920 --> 01:07:30,160
no specific it's developed from the like

1568
01:07:30,160 --> 01:07:34,079
you say on page 28 of the of our

1569
01:07:34,079 --> 01:07:35,760
submission there's a graph there's a

1570
01:07:35,760 --> 01:07:36,799
graph there representing the time

1571
01:07:36,799 --> 01:07:39,119
adjustment so it's it's there's not

1572
01:07:39,119 --> 01:07:41,119
there's no set standard that time

1573
01:07:41,119 --> 01:07:42,799
adjustment is calculated specifically

1574
01:07:42,799 --> 01:07:44,640
only from those condos

1575
01:07:44,640 --> 01:07:46,230
>> from all the condos here in town there's

1576
01:07:46,230 --> 01:07:46,240
» from all the condos here in town there's

1577
01:07:46,240 --> 01:07:49,760
not a in high river we we this is it the

1578
01:07:49,760 --> 01:07:51,359
time adjustment is calculated from the

1579
01:07:51,359 --> 01:07:52,960
sales and so there isn't there is an

1580
01:07:52,960 --> 01:07:55,039
adjustment that's a coefficient we don't

1581
01:07:55,039 --> 01:07:57,920
we don't I get come with a statistical

1582
01:07:57,920 --> 01:07:59,520
regression to build for a difference of

1583
01:07:59,520 --> 01:08:02,240
timing. I'm just trying to understand

1584
01:08:02,240 --> 01:08:05,599
where it would be aligned or is it just

1585
01:08:05,599 --> 01:08:08,559
exponential? At the end of the day, it's

1586
01:08:08,559 --> 01:08:10,400
this is an estimate of assessment, an

1587
01:08:10,400 --> 01:08:12,799
estimate of value using mass appraisal

1588
01:08:12,799 --> 01:08:15,680
and it's tested for our so our models

1589
01:08:15,680 --> 01:08:18,239
are tested the statistical test is 95 to

1590
01:08:18,239 --> 01:08:19,839
105.

1591
01:08:19,839 --> 01:08:21,920
So that's after the time adjustments are

1592
01:08:21,920 --> 01:08:24,719
calculated determined then that's how

1593
01:08:24,719 --> 01:08:27,199
the respective sales are adjusted but

1594
01:08:27,199 --> 01:08:29,520
then modeling is specific to similar

1595
01:08:29,520 --> 01:08:31,199
groups and I just want to add add to

1596
01:08:31,199 --> 01:08:34,319
that um the complaint said did say that

1597
01:08:34,319 --> 01:08:38,000
Sunvil place were better units

1598
01:08:38,000 --> 01:08:41,279
but similar so you know there the

1599
01:08:41,279 --> 01:08:43,520
assessment is not we can only divide

1600
01:08:43,520 --> 01:08:45,679
properties into so many small groups and

1601
01:08:45,679 --> 01:08:48,080
then we have no sales left so it's mass

1602
01:08:48,080 --> 01:08:50,000
appraisal for similar groups

1603
01:08:50,000 --> 01:08:51,759
If we really get into the weeds and want

1604
01:08:51,759 --> 01:08:54,319
to divide stuff into hundreds of groups,

1605
01:08:54,319 --> 01:08:55,759
good luck trying to come up with a sale

1606
01:08:55,759 --> 01:08:57,759
price with a model. So that's why we're

1607
01:08:57,759 --> 01:08:59,440
looking at that's why I think we would

1608
01:08:59,440 --> 01:09:01,920
be in agreement that I've heard from the

1609
01:09:01,920 --> 01:09:03,839
complaintant also that these three

1610
01:09:03,839 --> 01:09:06,319
communities are very close. That's why I

1611
01:09:06,319 --> 01:09:08,799
say this is a a good idea moving ahead

1612
01:09:08,799 --> 01:09:10,880
to make them all the same, right? But

1613
01:09:10,880 --> 01:09:13,359
they're not perfectly identical. We

1614
01:09:13,359 --> 01:09:15,600
can't we it's just residential groups.

1615
01:09:15,600 --> 01:09:17,199
Imagine trying to place some like some

1616
01:09:17,199 --> 01:09:19,359
place like water tower or the southwest

1617
01:09:19,359 --> 01:09:22,640
looking for tight groups. Good luck,

1618
01:09:22,640 --> 01:09:24,400
right? We we have to we have to divide

1619
01:09:24,400 --> 01:09:27,279
them up into consistent similar groups

1620
01:09:27,279 --> 01:09:29,759
and not into smaller groups. So, it's

1621
01:09:29,759 --> 01:09:33,520
mass appraisal for ma for as consistent

1622
01:09:33,520 --> 01:09:35,440
groups as we can get right. They don't

1623
01:09:35,440 --> 01:09:37,600
have to be identical but similar.

1624
01:09:37,600 --> 01:09:40,309
>> I appreciate that. Okay. Couple

1625
01:09:40,309 --> 01:09:40,319
» I appreciate that. Okay. Couple

1626
01:09:40,319 --> 01:09:42,070
>> sorry, just for the purpose of this, if

1627
01:09:42,070 --> 01:09:42,080
» sorry, just for the purpose of this, if

1628
01:09:42,080 --> 01:09:44,159
you're not speaking, can you please turn

1629
01:09:44,159 --> 01:09:48,149
off your microphone? Apologies,

1630
01:09:48,159 --> 01:09:50,400
that was myself. [laughter]

1631
01:09:50,400 --> 01:09:53,359
Um, in regards to the assessments, uh,

1632
01:09:53,359 --> 01:09:55,120
similar question to the complainant to

1633
01:09:55,120 --> 01:09:57,440
the respondent here, uh, when you went

1634
01:09:57,440 --> 01:09:59,760
to the properties, just to confirm

1635
01:09:59,760 --> 01:10:02,159
through, uh, everybody live streaming

1636
01:10:02,159 --> 01:10:04,000
this. Uh, when you checked out the

1637
01:10:04,000 --> 01:10:05,760
property itself, would you consider the

1638
01:10:05,760 --> 01:10:08,320
condition good, fair, excellent

1639
01:10:08,320 --> 01:10:10,560
condition, no major faults or issues?

1640
01:10:10,560 --> 01:10:14,080
just to confirm other property

1641
01:10:14,080 --> 01:10:16,470
>> I believe uh I don't I haven't looked at

1642
01:10:16,470 --> 01:10:16,480
» I believe uh I don't I haven't looked at

1643
01:10:16,480 --> 01:10:18,800
everyone specifically but for this group

1644
01:10:18,800 --> 01:10:20,239
I think we believe we all have them as

1645
01:10:20,239 --> 01:10:21,920
average they're not that old

1646
01:10:21,920 --> 01:10:22,310
>> okay

1647
01:10:22,310 --> 01:10:22,320
» okay

1648
01:10:22,320 --> 01:10:24,070
>> right they're not that old to have

1649
01:10:24,070 --> 01:10:24,080
» right they're not that old to have

1650
01:10:24,080 --> 01:10:26,719
experienced significant depreciation

1651
01:10:26,719 --> 01:10:29,360
which we don't already uh already

1652
01:10:29,360 --> 01:10:31,199
considered in the age of the age of the

1653
01:10:31,199 --> 01:10:33,760
condos whether they're built in 2012 or

1654
01:10:33,760 --> 01:10:35,840
built in 2016 that there's an adjustment

1655
01:10:35,840 --> 01:10:37,840
for depreciation in the mass in the

1656
01:10:37,840 --> 01:10:40,640
market adjusted depreciated cost method

1657
01:10:40,640 --> 01:10:44,000
So we don't we don't we haven't had any

1658
01:10:44,000 --> 01:10:45,840
feedback from property owners of any

1659
01:10:45,840 --> 01:10:49,120
extreme condition like we we and we have

1660
01:10:49,120 --> 01:10:50,400
them all at average.

1661
01:10:50,400 --> 01:10:53,189
>> I appreciate that. Thank you. That's all

1662
01:10:53,189 --> 01:10:53,199
» I appreciate that. Thank you. That's all

1663
01:10:53,199 --> 01:10:56,400
I have for a question.

1664
01:10:56,400 --> 01:10:57,189
>> Go ahead.

1665
01:10:57,189 --> 01:10:57,199
» Go ahead.

1666
01:10:57,199 --> 01:11:00,229
>> Yes. Thank you, Madam Chair. Um, you had

1667
01:11:00,229 --> 01:11:00,239
» Yes. Thank you, Madam Chair. Um, you had

1668
01:11:00,239 --> 01:11:02,640
at one point wanted the assessed value

1669
01:11:02,640 --> 01:11:06,400
at 360 and you said, "Now taking into

1670
01:11:06,400 --> 01:11:09,360
all that I've learned, I'd like to see

1671
01:11:09,360 --> 01:11:13,120
an assessment of what?"

1672
01:11:13,120 --> 01:11:15,669
>> Um, Madame Chair, thank you for the

1673
01:11:15,669 --> 01:11:15,679
» Um, Madame Chair, thank you for the

1674
01:11:15,679 --> 01:11:17,920
opportunity to answer the question. Um,

1675
01:11:17,920 --> 01:11:19,440
just just before I do answer that

1676
01:11:19,440 --> 01:11:21,360
question, I do want to go back to what

1677
01:11:21,360 --> 01:11:24,000
Taylor had said about um the one

1678
01:11:24,000 --> 01:11:27,920
property unit 50. It's found on page 32.

1679
01:11:27,920 --> 01:11:31,600
um you'll see that the ASR on page 32

1680
01:11:31,600 --> 01:11:33,679
was 109%

1681
01:11:33,679 --> 01:11:35,760
and that is the property that we learned

1682
01:11:35,760 --> 01:11:38,880
about being sold at 380,000.

1683
01:11:38,880 --> 01:11:40,560
Um

1684
01:11:40,560 --> 01:11:42,080
anyway, just wanted to bring that back

1685
01:11:42,080 --> 01:11:43,199
to your attention and answer that

1686
01:11:43,199 --> 01:11:48,400
question. Um based based upon um

1687
01:11:48,400 --> 01:11:52,320
everything that we had learned um during

1688
01:11:52,320 --> 01:11:57,920
this process um we recognize that we may

1689
01:11:57,920 --> 01:12:01,199
have been a little bit um

1690
01:12:01,199 --> 01:12:05,280
you know [snorts] uh keen to get a lower

1691
01:12:05,280 --> 01:12:08,159
value and so we we feel that the Sunrise

1692
01:12:08,159 --> 01:12:10,960
Place properties sell for less than the

1693
01:12:10,960 --> 01:12:14,239
Sunvail Place properties typically.

1694
01:12:14,239 --> 01:12:16,400
Um that's that's what we've seen over

1695
01:12:16,400 --> 01:12:20,400
time and and so we we did have a reduced

1696
01:12:20,400 --> 01:12:24,239
value. Um but when when we went through

1697
01:12:24,239 --> 01:12:27,360
this process, we're accepting now that

1698
01:12:27,360 --> 01:12:29,040
hey, a lot of the values that we're

1699
01:12:29,040 --> 01:12:31,280
seeing these properties be sold for is

1700
01:12:31,280 --> 01:12:34,480
around that that price point. And so it

1701
01:12:34,480 --> 01:12:36,719
doesn't seem to matter that the Sunil

1702
01:12:36,719 --> 01:12:38,239
Place properties might be a little bit

1703
01:12:38,239 --> 01:12:41,440
better um interior. They're still being

1704
01:12:41,440 --> 01:12:43,199
sold for a similar value to the ones in

1705
01:12:43,199 --> 01:12:45,520
Sunrise. And so hopefully that answers

1706
01:12:45,520 --> 01:12:47,040
your question and that's why we've we've

1707
01:12:47,040 --> 01:12:50,880
adjusted what we're applying for.

1708
01:12:50,880 --> 01:12:53,030
>> So to confirm,

1709
01:12:53,030 --> 01:12:53,040
» So to confirm,

1710
01:12:53,040 --> 01:12:54,480
380 is

1711
01:12:54,480 --> 01:12:56,149
>> Does that Does that Yeah, 380. Yeah.

1712
01:12:56,149 --> 01:12:56,159
» Does that Does that Yeah, 380. Yeah.

1713
01:12:56,159 --> 01:12:59,920
Does that answer your question? [snorts]

1714
01:12:59,920 --> 01:13:01,750
>> I believe so. Thank you.

1715
01:13:01,750 --> 01:13:01,760
» I believe so. Thank you.

1716
01:13:01,760 --> 01:13:02,870
>> Thank you, Madam Chair.

1717
01:13:02,870 --> 01:13:02,880
» Thank you, Madam Chair.

1718
01:13:02,880 --> 01:13:07,910
>> Any other questions?

1719
01:13:07,920 --> 01:13:10,400
That appeared like a rebuttal but um

1720
01:13:10,400 --> 01:13:12,480
thank you. So now I will invite the

1721
01:13:12,480 --> 01:13:15,679
complainant um to speak to a rebuttal um

1722
01:13:15,679 --> 01:13:20,080
clos disclosure um and you any closing

1723
01:13:20,080 --> 01:13:24,470
remarks.

1724
01:13:24,480 --> 01:13:27,520
» Thank you Madam Chair. um

1725
01:13:27,520 --> 01:13:30,000
really uh

1726
01:13:30,000 --> 01:13:32,400
I think I think we've repeated ourselves

1727
01:13:32,400 --> 01:13:36,960
uh a number of times um that

1728
01:13:36,960 --> 01:13:40,000
we we recognize that the town has an

1729
01:13:40,000 --> 01:13:43,760
obligation to follow a mass appraisal

1730
01:13:43,760 --> 01:13:45,920
model in its calculations of these

1731
01:13:45,920 --> 01:13:49,360
assessments. Um our argument is not that

1732
01:13:49,360 --> 01:13:51,920
they haven't done their job. it's that

1733
01:13:51,920 --> 01:13:54,560
these mass appraisal calculations don't

1734
01:13:54,560 --> 01:13:57,920
actually um equate to what's actually

1735
01:13:57,920 --> 01:14:01,120
happening in reality and the evidence

1736
01:14:01,120 --> 01:14:03,199
we've provided shows that none of those

1737
01:14:03,199 --> 01:14:05,360
those homes will fetch the values that

1738
01:14:05,360 --> 01:14:07,760
they're currently being assessed at. Um,

1739
01:14:07,760 --> 01:14:10,480
and I think uh I I don't know whether or

1740
01:14:10,480 --> 01:14:13,920
not it's a time adjustment problem in

1741
01:14:13,920 --> 01:14:18,880
their model um uh or whether or not um

1742
01:14:18,880 --> 01:14:21,199
there's some other miscalculation in the

1743
01:14:21,199 --> 01:14:24,159
model that's currently being used. But

1744
01:14:24,159 --> 01:14:29,360
uh we we affirm that uh our request to

1745
01:14:29,360 --> 01:14:32,960
have the board um determine a value that

1746
01:14:32,960 --> 01:14:36,480
equates to what the market will bear um

1747
01:14:36,480 --> 01:14:38,239
should be what these properties be

1748
01:14:38,239 --> 01:14:41,280
assessed at as we move forward. Thank

1749
01:14:41,280 --> 01:14:47,669
you.

1750
01:14:47,679 --> 01:14:52,320
um to the respondent um any closing

1751
01:14:52,320 --> 01:14:55,040
remarks or rebuttals

1752
01:14:55,040 --> 01:14:58,320
for last considerations here.

1753
01:14:58,320 --> 01:15:01,030
>> Thank you, Madam Chair. Um just to

1754
01:15:01,030 --> 01:15:01,040
» Thank you, Madam Chair. Um just to

1755
01:15:01,040 --> 01:15:05,199
reiterate, um uh my favorite saying is I

1756
01:15:05,199 --> 01:15:06,560
don't write the music. I just play the

1757
01:15:06,560 --> 01:15:08,960
piano. We we just reflect what happens

1758
01:15:08,960 --> 01:15:11,199
in the marketplace. We have no control

1759
01:15:11,199 --> 01:15:14,960
over what the sale is. Uh what value it

1760
01:15:14,960 --> 01:15:18,159
is, what when it's sold. We are required

1761
01:15:18,159 --> 01:15:21,760
we when we reflect we've taken all of

1762
01:15:21,760 --> 01:15:24,080
the sales all the actual all the sales

1763
01:15:24,080 --> 01:15:26,480
the complainants used in the submission

1764
01:15:26,480 --> 01:15:28,640
actual sales they're in they're in our

1765
01:15:28,640 --> 01:15:30,800
analysis. If it's sold even ones has

1766
01:15:30,800 --> 01:15:32,880
been made clear the ones that aren't on

1767
01:15:32,880 --> 01:15:36,000
MLS we include we have to include all of

1768
01:15:36,000 --> 01:15:38,239
them. So they all are included not some

1769
01:15:38,239 --> 01:15:40,560
of them all of them. So they are in the

1770
01:15:40,560 --> 01:15:43,040
model and the models are statistically

1771
01:15:43,040 --> 01:15:44,960
tested. We've wrapped both these three

1772
01:15:44,960 --> 01:15:47,120
communities together. There may be some

1773
01:15:47,120 --> 01:15:49,040
subtle differences between the three of

1774
01:15:49,040 --> 01:15:52,239
them. Mass appraisal there's a it's a

1775
01:15:52,239 --> 01:15:54,800
range of value. So that's that's our

1776
01:15:54,800 --> 01:15:56,159
current and it's for the distribution of

1777
01:15:56,159 --> 01:15:58,080
tax. It's not for borrowing money. It's

1778
01:15:58,080 --> 01:16:00,480
not for any other purpose for but for

1779
01:16:00,480 --> 01:16:02,080
the fair and equitable distribution of

1780
01:16:02,080 --> 01:16:05,040
the tax load using advalar

1781
01:16:05,040 --> 01:16:08,480
principle of valuation. Right? So we've

1782
01:16:08,480 --> 01:16:10,960
met the standards, we've followed the

1783
01:16:10,960 --> 01:16:13,440
market sales, we've made appropriate

1784
01:16:13,440 --> 01:16:15,440
adjustments for the change in value over

1785
01:16:15,440 --> 01:16:18,880
time. We've developed uh a model that

1786
01:16:18,880 --> 01:16:21,600
suits that is developed from the three

1787
01:16:21,600 --> 01:16:23,600
communities. And we've even shown that

1788
01:16:23,600 --> 01:16:25,600
if those models were were used

1789
01:16:25,600 --> 01:16:29,040
specifically within Sunrise Rice Place,

1790
01:16:29,040 --> 01:16:31,520
those assessments wouldn't pass audit.

1791
01:16:31,520 --> 01:16:33,360
They're they're on they're 95 they're

1792
01:16:33,360 --> 01:16:36,400
94.5% or whatever it was it was. But to

1793
01:16:36,400 --> 01:16:39,360
together as a group they they pass audit

1794
01:16:39,360 --> 01:16:40,960
and that's that's what we're supposed to

1795
01:16:40,960 --> 01:16:44,640
do. We we we can't if we had developed

1796
01:16:44,640 --> 01:16:46,880
if these were the original 2025

1797
01:16:46,880 --> 01:16:49,440
assessment going to asset for uh

1798
01:16:49,440 --> 01:16:51,840
approval they wouldn't pass. So these

1799
01:16:51,840 --> 01:16:53,679
are the rules we have to follow using

1800
01:16:53,679 --> 01:16:56,159
mass appraisal developing models that

1801
01:16:56,159 --> 01:16:58,800
are statistically tested that represent

1802
01:16:58,800 --> 01:17:00,800
a range of value. We've shown that some

1803
01:17:00,800 --> 01:17:02,719
of we we show you assessment it's at

1804
01:17:02,719 --> 01:17:06,000
96%. Some sales are higher, some sales

1805
01:17:06,000 --> 01:17:08,080
are lower. If you were to pick one of

1806
01:17:08,080 --> 01:17:11,840
those sales out, like one one could be

1807
01:17:11,840 --> 01:17:13,920
lower, one could be higher. We use all

1808
01:17:13,920 --> 01:17:16,239
of them and the middle represents the

1809
01:17:16,239 --> 01:17:19,040
whole. So we've done we've done that in

1810
01:17:19,040 --> 01:17:20,880
this case with the with the assess the

1811
01:17:20,880 --> 01:17:23,280
amended assessments for Sunrise Sunrise

1812
01:17:23,280 --> 01:17:24,640
Place.

1813
01:17:24,640 --> 01:17:28,400
So I I respect the fact that some a

1814
01:17:28,400 --> 01:17:30,719
recent sale might be lower than the

1815
01:17:30,719 --> 01:17:32,880
current assessment. It's after it's

1816
01:17:32,880 --> 01:17:34,960
after July 1 if it is if it's after that

1817
01:17:34,960 --> 01:17:38,000
time and it's one it's one sale. Next

1818
01:17:38,000 --> 01:17:39,520
this whole next year is a whole new

1819
01:17:39,520 --> 01:17:43,280
year. We drop 22 2022 sales would drop

1820
01:17:43,280 --> 01:17:45,840
off. We pick up the 2026 sales. It's a

1821
01:17:45,840 --> 01:17:47,679
brand new model. If the market's

1822
01:17:47,679 --> 01:17:50,080
tapering off this year that would be

1823
01:17:50,080 --> 01:17:51,760
reflected in next year's assessment.

1824
01:17:51,760 --> 01:17:55,440
Again, it's all the sales for one one

1825
01:17:55,440 --> 01:17:58,159
point in time value. So, um I respect

1826
01:17:58,159 --> 01:18:00,640
the opinion. It's mass appraisal is um

1827
01:18:00,640 --> 01:18:03,199
it's unique to assessment. It's not an

1828
01:18:03,199 --> 01:18:04,880
appraisal like a regular appraisal in

1829
01:18:04,880 --> 01:18:08,320
the market. Um our role is to reflect

1830
01:18:08,320 --> 01:18:11,199
the typical market. our our mandate as

1831
01:18:11,199 --> 01:18:14,320
per legislation is market value standard

1832
01:18:14,320 --> 01:18:16,159
using mass appraisal passing new

1833
01:18:16,159 --> 01:18:18,320
required quality standards and this has

1834
01:18:18,320 --> 01:18:20,960
been a great process right to to both

1835
01:18:20,960 --> 01:18:23,040
Sunville Place and Sunrise Place with

1836
01:18:23,040 --> 01:18:25,120
the patience of people like Paul right

1837
01:18:25,120 --> 01:18:27,280
to help us shed some light on maybe

1838
01:18:27,280 --> 01:18:28,960
improving things as we move forward

1839
01:18:28,960 --> 01:18:30,480
that's what it's all about we we don't

1840
01:18:30,480 --> 01:18:32,800
stand in a a corn of silence and we're

1841
01:18:32,800 --> 01:18:34,880
not open to any new information on how

1842
01:18:34,880 --> 01:18:37,040
to value things it's it's it's this

1843
01:18:37,040 --> 01:18:40,159
process and this process I respect we

1844
01:18:40,159 --> 01:18:41,440
respect that, right? That's how we

1845
01:18:41,440 --> 01:18:42,719
that's how we make our assessments

1846
01:18:42,719 --> 01:18:45,360
better and decisions of the board. So,

1847
01:18:45,360 --> 01:18:47,199
this is a great process. I've I've

1848
01:18:47,199 --> 01:18:48,719
enjoyed going through this with Paul and

1849
01:18:48,719 --> 01:18:50,719
and the people in Sunville Place. And

1850
01:18:50,719 --> 01:18:52,719
like I say, we're just following the

1851
01:18:52,719 --> 01:18:54,159
rules we have and this is just our

1852
01:18:54,159 --> 01:18:55,920
estimate value for mass appraisal

1853
01:18:55,920 --> 01:18:57,280
process. So, I appreciate your time.

1854
01:18:57,280 --> 01:18:59,920
Thank you, Madam Chair.

1855
01:18:59,920 --> 01:19:03,840
One question for me personally, um,

1856
01:19:03,840 --> 01:19:06,640
because it follows the mandate of the

1857
01:19:06,640 --> 01:19:11,280
province and it it passes the the test,

1858
01:19:11,280 --> 01:19:14,800
is there an opportunity that the test

1859
01:19:14,800 --> 01:19:17,120
valuation overall in High River is too

1860
01:19:17,120 --> 01:19:22,070
high?

1861
01:19:22,080 --> 01:19:24,719
Um it's they're all all so all the

1862
01:19:24,719 --> 01:19:26,719
models are developed specifically for

1863
01:19:26,719 --> 01:19:29,040
every single like we don't model we

1864
01:19:29,040 --> 01:19:31,120
don't have a volume model for condos

1865
01:19:31,120 --> 01:19:34,480
like we don't by by it's stratified by

1866
01:19:34,480 --> 01:19:38,159
property type within each community. So

1867
01:19:38,159 --> 01:19:40,960
those models develop by property type

1868
01:19:40,960 --> 01:19:44,400
and each community they're all at 98%.

1869
01:19:44,400 --> 01:19:46,400
So you take all of those and compile

1870
01:19:46,400 --> 01:19:48,719
them together. Like remember the the the

1871
01:19:48,719 --> 01:19:52,000
the example of this mass appraise mass

1872
01:19:52,000 --> 01:19:54,480
appraisal all of the 1300 and some

1873
01:19:54,480 --> 01:19:57,840
condos like they were all they're all in

1874
01:19:57,840 --> 01:20:00,880
the different model groups all 98%. So

1875
01:20:00,880 --> 01:20:03,040
they're all believe me the audit audit

1876
01:20:03,040 --> 01:20:05,600
are very very stringent. They pick they

1877
01:20:05,600 --> 01:20:07,440
pick it apart and so they should because

1878
01:20:07,440 --> 01:20:09,920
people pay tax based on this. So we

1879
01:20:09,920 --> 01:20:12,480
should be scrutinized here, here, and

1880
01:20:12,480 --> 01:20:14,800
with you and with the province. So the

1881
01:20:14,800 --> 01:20:17,360
rules are very strict. I would say no,

1882
01:20:17,360 --> 01:20:20,960
there there's a range of course like we

1883
01:20:20,960 --> 01:20:23,440
always have people come in and if there

1884
01:20:23,440 --> 01:20:26,159
if a property sold for 350 and we've got

1885
01:20:26,159 --> 01:20:28,560
to assess at 370, they come in and say,

1886
01:20:28,560 --> 01:20:31,360
"What's going on?" Well, there's a

1887
01:20:31,360 --> 01:20:34,320
range. And so we can't we can't be lower

1888
01:20:34,320 --> 01:20:36,400
than everyone's selling price. It's not

1889
01:20:36,400 --> 01:20:40,719
possible. So we I'm I'm confident that

1890
01:20:40,719 --> 01:20:42,640
we've we've met the standard. It's been

1891
01:20:42,640 --> 01:20:45,040
we've passed the audit. They the they

1892
01:20:45,040 --> 01:20:47,040
passed we've passed that test and at

1893
01:20:47,040 --> 01:20:48,800
this level we're we're getting more

1894
01:20:48,800 --> 01:20:50,800
specific, right? And that's fine. You

1895
01:20:50,800 --> 01:20:52,400
know, it's like I said, it's a good

1896
01:20:52,400 --> 01:20:54,000
learning opportunity as well for

1897
01:20:54,000 --> 01:20:55,360
everybody, right?

1898
01:20:55,360 --> 01:20:57,510
>> Yeah, absolutely. The reason I come to

1899
01:20:57,510 --> 01:20:57,520
» Yeah, absolutely. The reason I come to

1900
01:20:57,520 --> 01:20:59,440
that question is because a lot of the

1901
01:20:59,440 --> 01:21:02,719
market ratio reports that were provided

1902
01:21:02,719 --> 01:21:06,880
um for example it was your page 26 but

1903
01:21:06,880 --> 01:21:09,679
the overall document page 59 the mean

1904
01:21:09,679 --> 01:21:12,159
came in for the square footage at 312

1905
01:21:12,159 --> 01:21:15,120
square ft and I'm wondering the

1906
01:21:15,120 --> 01:21:17,760
valuation of square footage as we do an

1907
01:21:17,760 --> 01:21:19,840
assessment would be like the replacement

1908
01:21:19,840 --> 01:21:22,880
cost of a property.

1909
01:21:22,880 --> 01:21:24,550
>> Could you can I ask that question again

1910
01:21:24,550 --> 01:21:24,560
» Could you can I ask that question again

1911
01:21:24,560 --> 01:21:24,800
please?

1912
01:21:24,800 --> 01:21:27,350
>> Sure. The reason I'm asking that

1913
01:21:27,350 --> 01:21:27,360
» Sure. The reason I'm asking that

1914
01:21:27,360 --> 01:21:28,950
>> which p which page which page

1915
01:21:28,950 --> 01:21:28,960
» which p which page which page

1916
01:21:28,960 --> 01:21:30,790
>> so it's your page 26.

1917
01:21:30,790 --> 01:21:30,800
» so it's your page 26.

1918
01:21:30,800 --> 01:21:31,990
>> All right. Yes.

1919
01:21:31,990 --> 01:21:32,000
» All right. Yes.

1920
01:21:32,000 --> 01:21:35,990
>> So um the price for per square foot the

1921
01:21:35,990 --> 01:21:36,000
» So um the price for per square foot the

1922
01:21:36,000 --> 01:21:41,110
mean here you have it 312

1923
01:21:41,120 --> 01:21:41,600
» dollars.

1924
01:21:41,600 --> 01:21:43,830
>> Oh yeah that's this is just this is just

1925
01:21:43,830 --> 01:21:43,840
» Oh yeah that's this is just this is just

1926
01:21:43,840 --> 01:21:45,840
we don't use that like we this is not

1927
01:21:45,840 --> 01:21:47,920
it. This is just a reflection. This is

1928
01:21:47,920 --> 01:21:50,400
reflect. This is not the numbers on here

1929
01:21:50,400 --> 01:21:54,639
are not they're just um

1930
01:21:54,639 --> 01:21:56,560
they're we don't use that. We don't use

1931
01:21:56,560 --> 01:21:58,320
that. It's just it's just a number. It's

1932
01:21:58,320 --> 01:22:01,520
just a of this group for this like this

1933
01:22:01,520 --> 01:22:03,679
is every all the condos all the condo

1934
01:22:03,679 --> 01:22:05,760
sales. So we wouldn't this doesn't rep

1935
01:22:05,760 --> 01:22:08,000
reflect anything. It's just information.

1936
01:22:08,000 --> 01:22:10,800
We wouldn't we wouldn't use that 312

1937
01:22:10,800 --> 01:22:13,679
because this is rep represents every

1938
01:22:13,679 --> 01:22:16,480
condo in town. apartment condo like a

1939
01:22:16,480 --> 01:22:18,480
Sunvail condo

1940
01:22:18,480 --> 01:22:21,600
uh every condo this is this is just this

1941
01:22:21,600 --> 01:22:25,440
is um like we don't we don't use that to

1942
01:22:25,440 --> 01:22:26,880
calculate assessments because this this

1943
01:22:26,880 --> 01:22:30,000
is all condos in every community

1944
01:22:30,000 --> 01:22:32,080
every all the all the strata groups this

1945
01:22:32,080 --> 01:22:33,840
is not this is not a measure of value

1946
01:22:33,840 --> 01:22:35,280
like it's not

1947
01:22:35,280 --> 01:22:37,270
>> yeah we wouldn't we wouldn't use that

1948
01:22:37,270 --> 01:22:37,280
» yeah we wouldn't we wouldn't use that

1949
01:22:37,280 --> 01:22:38,639
it's just a

1950
01:22:38,639 --> 01:22:40,870
>> although it does form part of the

1951
01:22:40,870 --> 01:22:40,880
» although it does form part of the

1952
01:22:40,880 --> 01:22:43,120
evidence for us

1953
01:22:43,120 --> 01:22:45,669
>> yeah it's not the what's specific to

1954
01:22:45,669 --> 01:22:45,679
» yeah it's not the what's specific to

1955
01:22:45,679 --> 01:22:48,159
these these condor groups is what's been

1956
01:22:48,159 --> 01:22:50,080
shown today because these are different

1957
01:22:50,080 --> 01:22:52,960
a whole every condor this is only used

1958
01:22:52,960 --> 01:22:54,719
as as an example like for instance if

1959
01:22:54,719 --> 01:22:56,800
you go to

1960
01:22:56,800 --> 01:23:00,560
let's go to page 30

1961
01:23:00,560 --> 01:23:02,880
you'll see it's for for this group so

1962
01:23:02,880 --> 01:23:05,520
this is for all of them [clears throat]

1963
01:23:05,520 --> 01:23:07,679
it says 423

1964
01:23:07,679 --> 01:23:09,590
>> right and we're the assessment the me

1965
01:23:09,590 --> 01:23:09,600
» right and we're the assessment the me

1966
01:23:09,600 --> 01:23:11,760
the proposed assessment is not 423 like

1967
01:23:11,760 --> 01:23:13,040
it doesn't mean it's just it's a

1968
01:23:13,040 --> 01:23:15,760
different group the groups that matter

1969
01:23:15,760 --> 01:23:18,320
is is the group that we have used right

1970
01:23:18,320 --> 01:23:20,719
here for 96. This is not that's not the

1971
01:23:20,719 --> 01:23:23,199
measure. It's the group the measure of

1972
01:23:23,199 --> 01:23:27,760
the value is the the model that's built

1973
01:23:27,760 --> 01:23:30,000
from the assessment divided by the

1974
01:23:30,000 --> 01:23:33,280
selling price for all for all those 23

1975
01:23:33,280 --> 01:23:35,920
sales to arrive at a median ASR of

1976
01:23:35,920 --> 01:23:38,480
96.8%. That's the destination right

1977
01:23:38,480 --> 01:23:40,880
there. That the median ASR that's the

1978
01:23:40,880 --> 01:23:43,199
quality standard. what you're referring

1979
01:23:43,199 --> 01:23:46,320
to this price median mean like this all

1980
01:23:46,320 --> 01:23:48,239
these numbers they're just a measure

1981
01:23:48,239 --> 01:23:49,760
they're just another way to look at the

1982
01:23:49,760 --> 01:23:51,600
same number but they're not used in our

1983
01:23:51,600 --> 01:23:54,639
analysis these are irrelevant the the

1984
01:23:54,639 --> 01:23:57,120
number we're that's that we the quality

1985
01:23:57,120 --> 01:23:58,880
standard we're required to meet is that

1986
01:23:58,880 --> 01:24:01,199
median percentage because that's statist

1987
01:24:01,199 --> 01:24:04,400
that's a stat statistical test of this

1988
01:24:04,400 --> 01:24:08,159
model for similar units of sales within

1989
01:24:08,159 --> 01:24:11,920
the three years as of July 125 That's

1990
01:24:11,920 --> 01:24:13,760
that's our standard and that's what's

1991
01:24:13,760 --> 01:24:15,520
being communicated here like all this

1992
01:24:15,520 --> 01:24:18,080
we've talked about the sales specific to

1993
01:24:18,080 --> 01:24:20,880
sun these three communities there are

1994
01:24:20,880 --> 01:24:22,960
similar properties and that's our

1995
01:24:22,960 --> 01:24:25,440
destination is an assessment rule the

1996
01:24:25,440 --> 01:24:28,320
total assessment value we don't do we

1997
01:24:28,320 --> 01:24:30,639
don't say a median square footage and

1998
01:24:30,639 --> 01:24:33,600
apply that this is just a result you

1999
01:24:33,600 --> 01:24:35,760
right it's just a massive process

2000
01:24:35,760 --> 01:24:37,510
>> so it's an area essentially no different

2001
01:24:37,510 --> 01:24:37,520
» so it's an area essentially no different

2002
01:24:37,520 --> 01:24:38,800
than you having

2003
01:24:38,800 --> 01:24:40,390
>> if you use that as a measure of

2004
01:24:40,390 --> 01:24:40,400
» if you use that as a measure of

2005
01:24:40,400 --> 01:24:41,840
comparison

2006
01:24:41,840 --> 01:24:44,239
Fine, you can you can anyone can use

2007
01:24:44,239 --> 01:24:47,360
whatever they want. But for us, we this

2008
01:24:47,360 --> 01:24:50,719
the destination is the total assessment

2009
01:24:50,719 --> 01:24:53,199
divided by the selling price for all of

2010
01:24:53,199 --> 01:24:56,159
the sales in the model. Does it pass the

2011
01:24:56,159 --> 01:24:58,239
quality standard? And on page 30, the

2012
01:24:58,239 --> 01:25:01,280
the median ASR is 96.8%. That's our

2013
01:25:01,280 --> 01:25:03,280
requirement. We're market value

2014
01:25:03,280 --> 01:25:05,199
assessment for the total value of the

2015
01:25:05,199 --> 01:25:06,639
property.

2016
01:25:06,639 --> 01:25:08,639
So, it would be fair to say that the

2017
01:25:08,639 --> 01:25:11,920
mean is 423 and the median is 422 of

2018
01:25:11,920 --> 01:25:12,400
what?

2019
01:25:12,400 --> 01:25:13,910
>> I wouldn't Yeah, I wouldn't I wouldn't

2020
01:25:13,910 --> 01:25:13,920
» I wouldn't Yeah, I wouldn't I wouldn't

2021
01:25:13,920 --> 01:25:15,520
use those numbers. I'm not suggesting I

2022
01:25:15,520 --> 01:25:17,760
I didn't I haven't used that in my in

2023
01:25:17,760 --> 01:25:20,560
this in this submission.

2024
01:25:20,560 --> 01:25:21,920
Right. That's we're talking we're

2025
01:25:21,920 --> 01:25:23,840
talking about the

2026
01:25:23,840 --> 01:25:25,920
the valuation model that's applied

2027
01:25:25,920 --> 01:25:28,719
consistently within similar similar

2028
01:25:28,719 --> 01:25:31,440
properties.

2029
01:25:31,440 --> 01:25:35,600
So just me personally I um so you don't

2030
01:25:35,600 --> 01:25:38,560
want us to assess the square foot value

2031
01:25:38,560 --> 01:25:41,679
that is being presented in some of this

2032
01:25:41,679 --> 01:25:42,639
documentation.

2033
01:25:42,639 --> 01:25:45,270
>> We're we're talking we're we're we're

2034
01:25:45,270 --> 01:25:45,280
» We're we're talking we're we're we're

2035
01:25:45,280 --> 01:25:47,760
def we're we're we're defending the

2036
01:25:47,760 --> 01:25:49,600
total assessed value of the property not

2037
01:25:49,600 --> 01:25:51,920
the square foot value of the property.

2038
01:25:51,920 --> 01:25:54,560
Right? We could use the we could use the

2039
01:25:54,560 --> 01:25:57,440
garage and say the gra based on the

2040
01:25:57,440 --> 01:25:59,120
garage size. You could build a model on

2041
01:25:59,120 --> 01:26:01,120
that. Right? You could build a model in

2042
01:26:01,120 --> 01:26:03,920
anything, but we're saying we've we've

2043
01:26:03,920 --> 01:26:06,080
we've corrected the size of those condo

2044
01:26:06,080 --> 01:26:08,960
suites. The assessment comprises of the

2045
01:26:08,960 --> 01:26:10,880
suite at a certain square footage and a

2046
01:26:10,880 --> 01:26:13,040
garage square footage. They come up with

2047
01:26:13,040 --> 01:26:14,719
a value

2048
01:26:14,719 --> 01:26:18,080
for a total and that total for us. That

2049
01:26:18,080 --> 01:26:21,600
total assessment has to be divided by

2050
01:26:21,600 --> 01:26:24,400
that that assessment divided by the time

2051
01:26:24,400 --> 01:26:26,800
it just selling price

2052
01:26:26,800 --> 01:26:29,120
of of these 23 sales has to be within

2053
01:26:29,120 --> 01:26:31,520
quality standard.

2054
01:26:31,520 --> 01:26:33,120
That's what that's what we've that's how

2055
01:26:33,120 --> 01:26:34,560
the model's built. That's how we're

2056
01:26:34,560 --> 01:26:35,840
defending it today. We're not defending

2057
01:26:35,840 --> 01:26:39,600
it on any other any any other metric.

2058
01:26:39,600 --> 01:26:40,629
>> Okay. Thank you.

2059
01:26:40,629 --> 01:26:40,639
» Okay. Thank you.

2060
01:26:40,639 --> 01:26:43,669
>> Yeah. Thank you, Madam Chair. Um, if

2061
01:26:43,669 --> 01:26:43,679
» Yeah. Thank you, Madam Chair. Um, if

2062
01:26:43,679 --> 01:26:45,760
there are no further questions from the

2063
01:26:45,760 --> 01:26:48,639
board, um, this is an opportunity for

2064
01:26:48,639 --> 01:26:51,440
either party to make any final comments

2065
01:26:51,440 --> 01:26:53,920
um, before we conclude this hearing. Um,

2066
01:26:53,920 --> 01:26:56,159
and please note that additional comments

2067
01:26:56,159 --> 01:26:58,239
are not required. If you feel your

2068
01:26:58,239 --> 01:27:02,470
position has already been heard.

2069
01:27:02,480 --> 01:27:03,840
» Thank you, Madam Chair. I don't really

2070
01:27:03,840 --> 01:27:05,199
feel like I need to make any other

2071
01:27:05,199 --> 01:27:06,560
comments. Appreciate everybody's time

2072
01:27:06,560 --> 01:27:08,960
this afternoon. Uh, England are one up,

2073
01:27:08,960 --> 01:27:11,545
so sorry, Hank.

2074
01:27:11,545 --> 01:27:13,669
>> [laughter]

2075
01:27:13,679 --> 01:27:16,130
» And

2076
01:27:16,130 --> 01:27:17,360
[laughter]

2077
01:27:17,360 --> 01:27:18,870
>> thank you everybody for your time. I

2078
01:27:18,870 --> 01:27:18,880
» thank you everybody for your time. I

2079
01:27:18,880 --> 01:27:21,360
appreciate it.

2080
01:27:21,360 --> 01:27:22,950
>> Uh similar to the complaint, Madam

2081
01:27:22,950 --> 01:27:22,960
» Uh similar to the complaint, Madam

2082
01:27:22,960 --> 01:27:25,360
Chair, uh we've shared lots of

2083
01:27:25,360 --> 01:27:26,800
information. We have no other further

2084
01:27:26,800 --> 01:27:29,440
comments to make. Thank you very much.

2085
01:27:29,440 --> 01:27:33,350
>> Thank you. Appreciate that. Um

2086
01:27:33,350 --> 01:27:33,360
» Thank you. Appreciate that. Um

2087
01:27:33,360 --> 01:27:35,440
thank you. Uh the board will deliberate

2088
01:27:35,440 --> 01:27:36,960
following the conclusion of this hearing

2089
01:27:36,960 --> 01:27:39,520
and will issue a written uh decision in

2090
01:27:39,520 --> 01:27:40,800
accordance with the legislated

2091
01:27:40,800 --> 01:27:43,120
timelines. Generally, parties can expect

2092
01:27:43,120 --> 01:27:45,360
the board decision to be within 30 days

2093
01:27:45,360 --> 01:27:47,840
of this hearing. Uh after the decision

2094
01:27:47,840 --> 01:27:50,080
is finalized, the clerk has up to seven

2095
01:27:50,080 --> 01:27:52,239
additional days to distribute the final

2096
01:27:52,239 --> 01:27:56,080
notice um to all parties. This concludes

2097
01:27:56,080 --> 01:27:57,760
the local assessment review board

2098
01:27:57,760 --> 01:28:00,960
hearing for July 15, 2026. And this

2099
01:28:00,960 --> 01:28:05,760
hearing is adjourned at 2:28